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Support and Taxes

Many clients going through family law matters will have questions regarding how they can/should file their taxes as well as what tax consequences may arise in their situation. Child support is not taxable for either party. This means it is not deductible from the party paying child support or taxed as income to the party receiving it. On the other hand, alimony, support paid to a spouse, is deductible from the party paying alimony and taxed as income to the party receiving it. Mortgage interest can be claimed by only one party if there is a shared residence or split between the parties in proportion to their contribution towards the payments. Splitting mortgage interest would require a statement of explanation to be filed along with the return.

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As it relates to claiming dependents, the primary custodial parent has the right to claim minor children on their tax return. To be the primary custodial parent you must have a greater number of overnights. It is possible for the non-custodial parent to be able to claim the exemption if the custodial parent completes IRS form 8332 waiving their right to the exemption. If the parties share equal custody, the party earning more has the right to claim minor children. Only the primary custodial parent can claim the child care tax credit. It is always a good idea to confer with a tax expert for the most sound advice on addressing your individual tax matters.

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