How to Determine When Alimony or Child Support is Taxable

Save
Next Video:
How to File Federal Income Taxes....5

To determine when alimony or child support is taxable, consider alimony as a deduction for the payer and an income for the payee, while child support is never taxable. Understand alimony and child support as they refer to taxes with information from an IRS tax agent in this free video on personal finance.

Part of the Video Series: Paying Taxes
Promoted By Zergnet

Comments

Video Transcript

Hi, in this segment we're going to talk about alimony and child support and is it taxable and how do we claim this. Well alimony is a deduction for the payer and it is a income for the payee. So it must be put on your tax return. For both the payer on alimony and the payee for alimony, the other party's name and social security number must appear on the tax return next to that line item. Child support however is never taxable. So you don't have to claim that as any kind of income at all. Thank you very much.

Featured

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!