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?Correct.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.TMF ExROPhil Marti
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<