Are Support Payments Taxable?

After you file for divorce with the help of your family law attorney in Tampa Bay, you can expect many changes ahead. In addition to determining the custody of the children with your divorce attorney, you can expect many financial changes. Your divorce attorney may recommend that you meet with an accountant regarding changes to your tax return. For example, if you receive alimony payments, you must report those payments as income. If you pay alimony to your ex-spouse, you can deduct those payments.

You can watch this video for more information about support payments. As you may learn during your free lawyer consultation, child support payments are not taxable for either party. This video also explains the additional information you’ll need to include on your tax return for alimony payments.

What Issues Are Considered When Determining Child Support Payments?

Child support sign on a wallIf you’re expecting to pay or receive child support payments after your divorce is finalized, you may wish to talk to your divorce attorney regarding how the court reaches its decision.As your divorce attorney can explain to you, child support payments can vary widely based on a number of factors. These include the net monthly income of both parents and the basic monthly obligation. Florida law establishes a basic monthly obligation based on the number of children that are involved and the combined monthly income of the parents. Then, the court determines which percentage of financial responsibility each parent has, in addition to each parent’s share of the basic monthly obligation.

As your Tampa Bay attorney can explain during your free lawyer consultation, the court then considers other factors that can add to the amount of child support payments. The court will evaluate the total monthly child care costs, including the total amount spent on the children’s health insurance, and non-covered medical, dental, and pharmaceutical expenses. The court will also consider the number of overnight stays with each parent to determine a final amount of child support.