Does Child Support Affect My Taxes?
“Child support” payments are not taxable. The parent paying child support cannot deduct the payments from his/her income, and the parent receiving child support does not have to claim the payments as income. In order to ensure that child support remains non-taxable, it is important to ensure that any settlement agreements and Final Judgments reflect the support properly. Failure to specify the support payments as “child support” can result in major tax implications for all parties. It is important that you have an experienced family law attorney whom is familiar with the long-term implications of any agreement you enter into during the divorce or paternity litigation process.
For more information regarding divorce, paternity, child support, and/or tax exemptions, please contact the law office of Schwam-Wilcox & Associates by calling 407-245-7700, by emailing email@example.com or by visiting our website at www.cbswlaw.com.