The Law Firm of Chris E. Ragano, P.A.
Hablamos español
Call 800-277-2388
to speak to an attorney today.

Does child support affect taxes?

A person facing the end of a marriage has lots of details to manage. One detail that may not immediately pop up is how the breakup will affect future tax returns. Taxes, like divorce, are another one of those intimidating issues that most people will avoid if at all possible. But anyone in Florida going through a divorce will eventually need to understand how the change will affect how they file their taxes from now on. Child support and child custody can affect how one files, as well as alimony and retirement accounts. 

It would be improper for the government to create a situation where it encourages divorce, so child support payments are neither taxable or tax deductible. One parent or the other can claim the child as their dependent, but both parents cannot. The dependency exemption is usually given to the parent who provides more than half of the child's support through the year, but not always. Forms describing the conditions for the exemption, and forms that must be filled out, can be found with the Internal Revenue Service (IRS). 

Alimony is tax deductible. Spouses can exchange property between each other without taxation during the marriage and its dissolution. Allowances also exist for the transfer of retirement accounts without penalty. 

Each person's tax situation is unique. It is important to keep in mind how certain aspects of divorce, like alimony, will affect the taxes, and how other situations, like child support, will not. When the IRS is involved, things can get pretty tricky, and a person may want help. Some individuals choose to use the services of an experienced Florida family law attorney to help them prepare for tax issues after the divorce. 

Source: Forbes, "Taxes And Family Law: A Cheat Sheet Of What You Need To Know", Stephen Hicks, Sept. 8, 2017

No Comments

Leave a comment
Comment Information
Get In Touch

Talk To An Attorney About Your Family Law Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Make your next step the right one. Call 800-277-2388 to speak to a lawyer.

Review Us
Brand

The Law Firm of Chris E. Ragano, P.A.
3408 S. Manhattan Avenue, Suite 1
Tampa, FL 33629

Toll Free: 800-277-2388
Tampa Law Office Map