Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

Good evening, I have one final question before I fill out

Good evening, I have one final...
Good evening,

I have one final question before I fill out my son's financial aid form for federal assistance. As I had mentioned, my sons' father and I had a local, private attorney write up a brief, child support agreement about ten years ago (when I was purchasing my house). Anyhow, the agreement states that my sons' father would pay me $150/week in child support. Well, my older son was 18 years old last year in 2010 so child support is not an issue in his case. However, I will be declaring child support on the financial aid form for my sixteen year old son in 2010. My question is: do I declare the amount of child support agreed on in 2000 for my sixteen year old son on the form ($75/week) or the amount that his father currently pays me (which is only about $15 more)?
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
3/29/2011
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,016
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified

Hey there...report only what is referenced in the agreement; the rest is simply a gift and need not be reported. :)

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,016
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified
Richard and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 6 years ago
That's what I thought. Thank you as always:)
My pleasure! Have a nice evening!
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,016
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified
Richard and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,016
56,016 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

56,016 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I have recently formed an LLC with the state of Tx. "Bright
I have recently formed an LLC with the state of Tx. "Bright Guys, LLC". When I went to IRS.gov to request and EIN number, it instructed me not to use a comma or Put LLC at the end. So when I got my EI… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are there any tax implications either state or federal for a
Hello are there any tax implications either state or federal for a family member giving another family member a loan. Are there any documents that need to be in order besides a contract?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,067 satisfied customers
My husband has a child that he pays child support to
My husband has a child that he pays child support to (non-custodial parent). We have no children between us, have just purchased our first home and don't know if we should file married separately or t… read more
Carter McBride
Carter McBride
LLM
233 satisfied customers
I just got a notice that they did not receive my local 2014
I just got a notice that they did not receive my local 2014 taxes. I have found my federal and state copy and my w2 forms but can not find my husbands w2 forms. How can I get a copy of his 2014 w2. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Divorce decree states we each get to claim a child for our
Divorce decree states we each get to claim a child for our income taxes, but she is refusing to fill out the form for me to be able to claim a child. Thanks, Bill… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
I have a question regarding the state and local tax
I have a question regarding the state and local tax limitation passed by congress limiting the deduction to $10000. Is this final or is it still being ironed out by the powers that be? My clients are … read more
Carter McBride
Carter McBride
LLM
233 satisfied customers
Need help filling out the form 593 for the state of
Need help filling out the form 593 for the state of california … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can a parent with state, local & property taxes in excess of
Can a parent with state, local & property taxes in excess of 20k transfer his primary residence to his son for 1.00 in 2018 so the son can then itemize & benefit from the 8,600 of annual property taxe… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
I am thinking about forming an LLC in another state than the
I am thinking about forming an LLC in another state than the one I live in. I am trying to lower my tax burden. I live in California, and I operate a web design business that is not specific to my loc… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Hawaii state law to automatic gratuities are taxed? Hotel
Hawaii state law to automatic gratuities are taxed? … read more
abci168
abci168
Principal
27 satisfied customers
What are the federal and Oregon state taxes on profit of
What are the federal and Oregon state taxes on profit of sale of my home. My wife and I are age 81 and 77 respectively. I expect the profit will be about $400,000. … read more
abci168
abci168
Principal
27 satisfied customers
REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES
REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES ALIMONY PAYMENTS, WHAT CAN QUALIFY AS TO ***** REDUCE THE TAX ON THE ALIMONY RECEIVED ? CAN BUSINESS LOSES BE CARRIED OVER TO REDUCE THE TAX ON … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
We lost child tax credit this year by making $152000...that
We lost child tax credit this year by making $152000...that $2k cost us over $7k in taxes. Is there anything to do about that? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
A Form 1041 is filed for a Credit Shelter Trust & shows a
A Form 1041 is filed for a Credit Shelter Trust & shows a loss on the Taxable Income line (Page 1, line 22). Is this loss carried forward?… read more
abci168
abci168
Principal
27 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
WITH PIONEER CREDIT AGENCY WITH AN ISSUE FOR THE STATE OF
I AM DEALING WITH PIONEER CREDIT AGENCY WITH AN ISSUE FOR THE STATE OF NJ. I HAVE HAD AN ABATEMENT ONCE, AND HAVE FILED EVERYTHING, BUT THEY WANT OVER 14,000.00 IN INTEREST AND PENALTIES. WHAT CAN I D… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,067 satisfied customers
Child tax credit: Taxpayer work oversea. the spouse is
Child tax credit:Taxpayer work oversea. the spouse is nonresident alien. Taxpayer file as married filing separately and claim the son as dependent. Can the taxpayer claim the child care credit or the … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x