Do you have to pay child support if you have joint custody in Georgia?
Do you have to pay child support if you have joint custody in Georgia?
If both parents share custody does anyone pay child support in Georgia? In many cases when the parties are able to agree on equal parenting time, one parent will still continue to pay support. Because child support is calculated based on income, the parent with the higher income will still likely pay some support.
Can parents take turns claiming child taxes?
If you do not file a joint return with your child’s other parent, then only one of you can claim the child as a dependent. When both parents claim the child, the IRS will usually allow the claim for the parent that the child lived with the most during the year.
Does child support need to be claimed on taxes?
If you receive child support, you don’t include the amount in your taxable income. You also can’t count child support as earned income to qualify you for the Earned Income Credit. In either case, you do not report child support on your taxes. If you pay child support, you may be able to claim the child as a dependent.
Do you count child support as income on taxes?
Child support payments are neither deductible by the payer nor taxable to the recipient. When you calculate your gross income to see if you’re required to file a tax return, don’t include child support payments received.
Do mortgage lenders look at child support?
Lenders can count child support payments as effective income toward a mortgage, and that can help get veterans into the price range they want. But spouses who are paying that monthly support will have that money counted as an outgoing liability by mortgage lenders.
Does Child Support show up on credit report?
Answer. The law requires credit reporting agencies to include information about overdue child support in your credit report. Child support arrears remain on your credit report for up to seven years, unless you make a deal with the child support enforcement agency.
Does owning a house affect child support?
Your child support is not affected by your purchase of a home. He has no interest in the home, as it is not being purchased jointly and he is not contributing. However, your purchase of a home does not provide you with a basis to decrease…
