Tax season is just around the corner believe it or not. Here is some info that may clear up some questions.
As a general rule, child support is not taxable as income to the recipient or deductible by the parent who pays it.
Alimony, on the other hand, usually is taxable income to the recipient and might be deductible by the payor spouse. To make sure that you’re filing the right information on the correct tax forms, the IRS has provided a free helpful publication.
Publication 504 - Divorced or Separated Individuals
