By Jennifer M. Paine
No matter what your settlement agreement/divorce decree calls it, you can deduct payments to your ex under four circumstances.
You can deduct payments that:
By Jennifer M. Paine
No matter what your settlement agreement/divorce decree calls it, you can deduct payments to your ex under four circumstances.
You can deduct payments that:
By Jennifer M. Paine
The simple answer to the tax question, "can I deduct child support?" is no. And forget about paying alimony, which is deductible, instead of child support.
The IRS can treat payments as child support despite what you call it if the payments are paid out as child support would be – during the child’s minority, in amounts that fluctuate with fluctuating income, childcare needs, etc., and so forth.
However, you might be paying expenses for your children that are deductible.
Question:
Can I modify the divorce decree if I signed the papers without fully realizing the ramifications of some of the court orders?
I went through my divorce pro se, and at the time I didn't realize how screwed I was when I signed the divorce decree that apparently doesn't allow me to claim any dependents. This has resulted in me owing thousands of dollars on my taxes.
Can I have the decree re-negotiated?
Question:
Who gets to claim our child for tax purposes if our son was in state custody for 6 months last year?
By Jennifer M. Paine
Unless your divorce settlement agreement or divorce decree says otherwise, the right to claim your child as a dependent belongs to the custodial parent.
According to the IRS, this means the parent who has the child more than one-half of the year.
However, if both parents spend one-half of the year, equally, then it is the parent who pays child support, and, if neither, then it is the parent with the higher adjusted gross income.