Divorce & Tax Time

It's tax time again. I get a lot of tax questions from divorcing parents around this time of year. While I am no tax expert, here are some general things to keep in mind about divorce and taxes:

• Child support is not income
• Child support is not deductible
• Single parents may be eligible for the Earned Income Credit, depending on income
• Single parents may be eligible for Head of Household based on caring for child for more than 1/2 the year and paying more than 1/2 the expenses of a home

Check the IRS website for the publications about these tax topics, or consult a tax professional if you have questions about divorce and taxes.

 

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Comments

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