Hello, my name is XXXXX XXXXX I'm happy to assist you today. If I'm understanding your situation and question correctly you want to know if the "child support" that you'll be receiving while your children live with you will be taxable or not? Typically, alimony rec'd. is taxable and child support rec'd. is not taxable, but it does depend on where and for what % of the yr your children live? If I've answered your question to your satisfaction already then please rate my answer OK or higher at this time so that I'm paid for it, and if not, please post follow-up info, and I'll reply asap, thank you!
you did not answer my question! Read my question again
Please read the question! I am getting a settlement from my lawyer since she did not advise me that I would owe child support based on the custody arrangement I negotiated (and she reviewed). As a result I owe a lot of child support even though I am the primary custodian. My question is "is this settlement taxable ?" It is to partially cover the child support I am paying, and I am paying with after tax dollars so I dont think it should be taxable.