Learn the facts about how a car loan can affect your credit. Any time you take out a loan your credit score will be affected. Pay your loan on time and itâll have a positive impact on your score, but just one or two late payments can have the opposite result. Why is this so important? Credit scores can not only make or break whether or not you get a loan, but they also affect the interest rate.
If you are the parent getting SSI, you should tell the court that your only income is SSI and you are unable to pay child support. You should get a statement from the Social Security Administration that you receive SSI, and give this statement to the court.
Is Child Support Taxable Income? So, is child support deductible? The short answer is no. If your ex-husband or ex-wife has to pay child support to you, donât include those amounts as taxable income on your tax return. You do not have to claim child support on taxes, according to IRS child support guidelines. Related: 10 Best Tax Tips for Single Parents. How to Report Child Support Payments on Your Taxes. You donât report child support payments that you received â or were entitled to â anywhere on your Form 1040 income tax return. Even if you itemize your deductions on Schedule A of Form 1040, child support payments are not an itemized deduction. Donât confuse child support payments with spousal support. The IRS requires you to report alimony you received as part of your gross income.