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.
Alimony payments are deductible by the payer spouse and income to the recipient spouse. In contrast, child support is neither deductible nor treated as income. court ordered the father to pay âfamily support,â and his payments for the year totaled more than $24,000. He deducted the entire amount; the mother argued that part of the payments should be treated as child support and not taxable to her (or deductible by him).