Hey all, I’ve been trying to figure out my financial situation lately and had a question about child support. Is child support considered income for tax purposes or when applying for loans? I’m a bit confused about how it works. Any insights would be appreciated. Thanks…
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Hi there, Child support payments received are generally not considered income for tax purposes in the United States. They are not taxable to the recipient and are not deductible by the payer.
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Child support payments are not considered income for tax purposes. If you receive child support, it won’t be taxable to you. Similarly, if you are paying child support, it’s not deductible on your tax return.
However, consulting a legal or financial professional for personalized advice based on your situation is essential.
In the same way that she cannot use your money, her partner’s income is also unaffected. Child support for the shared child is unaffected by someone’s financial support of her. Since your husband works as a server, I wouldn’t anticipate a high child support payment from him. Does he spend time with the child as a parent?