Although the company the representative is purporting to be from is ACE Cash Express, Inc., it should be noted that ACE Cash Express, Inc., website: www.acecashexpress.com is licensed with the Department of Financial Institutions.
A: No, child support payments are not considered taxable income, according to the IRS. Child support payments are neither deductible by the payer nor taxable to the payee. So when you calculate your gross income to see if you are required to file a tax return, do not include child support payments received.
Do I Have to Pay Taxes on the Sale of My Home? How Do I Handle a Name Change? Will I Be Taxed on Transferring Retirement Assets? Can I Deduct Alimony or Child Support? Alimony is the money paid to you or your former spouse, as agreed upon in your divorce or separation arrangement. If you pay alimony, you can deduct it on your tax return. If you receive alimony, you have to report it as income on your tax return. For the payments to be qualified as alimony, the alimony must be written out in your separation or support agreement, a stipulation of settlement in your pending divorce again, or a court order or judgment. Money received for child support is not considered alimony. Child support is not deductible for the person who pays it, nor is taxable for the person who ...