Скачать или смотреть IRS guidelines to assist clients with concerns relating to child support, property, & alimony

Teamwork makes the dream work! Latoya Hitchcock🌟 In our latest team education session, we discussed IRS guidelines to better assist our clients with concerns about credits and deductions relating to child support, property, and alimony payments.

Here's a quick breakdown of key points:

Alimony Payments: Deductible for the payer and taxable for the recipient for divorces finalized before January 1, 2019. For agreements after this date, alimony payments are not deductible by the payer nor taxable to the recipient.

Child Support: Not deductible by the payer and not taxable to the recipient.

Filing Status and Credits:
The custodial parent may file as Head of Household if they agree to claim the child as a dependent.

This allows for potential credits like the Earned Income Credit and the Child Tax Credit.

Form 8332: Required for the non-custodial parent to claim the child as a dependent, allowing them to share in eligible tax benefits, such as the Child and Dependent Care Credit, depending on the child's age.

Stay informed and empowered with the right knowledge to navigate your tax planning and filing!
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