The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: child care credit, car donation for head of||Date: 1/24/2001 10:03 PM|
|Author: TMFExRO||Number: 44781 of 125700|
Thanks for your advice. Just want to clarify one more thing - the $500 child tax credit is over and above the Child Care Credit. Right?
Also, one more question that I forgot to post earlier...
I received $7K from my ex as spouse support, of which I refunded him $2.5K. The spouse support has been garnished from his wages, so his W2 would show a payment of $7K. I had written him a check of about $1.5 K, deducting $1K for other payments he had to make to me...
The question is:
I am assuming IRS will only want to tax me on $4.5K I actually received as spousal support. Will they take me on my word, or do I have to enclose the detailed court order explaining the refund and adjustments? Do I need to fill-out any forms to explain this?
You report the taxable payments you received and any deductible payments you made. Without seeing all the court papers I couldn't say what those numbers are. You may need to get some advice from a tax advisor on this issue.
Once you know what your numbers are, you don't need to attach anything else to the return. If IRS is curious, they'll ask for documentation.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|