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.
Child support may be ordered when the parents are separated, have never lived together, or are in divorce, dissolution of marriage, annulment, or in the midst of paternity and legal separation cases. Typically, it is paid to the parent with whom the children spend the majority of their time. Child support is not alimony. The purpose of alimony is to rehabilitate or support a former spouse. Though the other parent may financially benefit from child support payments, the purpose of the payments is to benefit the children who no longer live with you. Once set, child support payments can only be amended by court order.