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Do I include Child support, alimony and prescription payments when filing taxes?
2010 Child support I received $25,000. I received $8400 maintenance. I have detailed worksheet from my pharmacy showing I paid over $7000 for my prescriptions. What can I write off?
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1. Child support: no, it's not taxable to you. No need to report it on your income taxes. 2. Alimony payments you receive from your former spouse: yes, they are generally taxable to you (unless your divorce decree specifies that your former spouse must pay taxes on alimony payments to you). 3. Prescription drug costs: may be included as part of medical expenses, which can be deducted to the extent that they exceed 7.5% of your adjusted gross income. |
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Wow! Thanks for that info! I read somewhere else about prescription costs can only be a certain amount
Before its deductible? I am not sure of the way to find how much to claim. I know the tax advisor will be able to tell me , I just don't want to wait until tomorrow to find out. I have the report from the pharmacy detailing what I had filled that year and how much I paid. It was $7100. My annual income is around $39,600, and that includes child support, alimony, and a part time job. How do I compute this information and find out if I will get anything back from it? Sorry, I did real well in college math but sometimes having kids can kill a few of your brain cells. Thanks for your help! |
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First the child support is NOT part of your taxable income, so it seems that your actual taxable income is more like $14K. 7.5% of that is $1050. Hence you can deduct medical expenses of $7100-1050 = $6050. You may have other itemized deductions to add to that - things like state taxes or sales taxes, additional medical expenses besides prescriptions (did you see the doctor at all this year?), charitable contributions, etc. You may also qualify for the Earned Income Credit. Given 2 exemptions, it's possible you could get a full refund of any taxes withheld from your paycheck, but you have to crunch the numbers to tell for sure. |
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