Posted March 15, 2017
Wednesday's Video Clip: How are child payments taxed?
In this video we discuss the tax consequences of child support.
Parents who receive child support payments under an agreement or court order made after April 30, 1997, do not have to include those payments in their taxable income. Parents who make these payments cannot deduct the payments from their taxable income.
This tax rule does not apply to continuing support paid ...