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REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES

REGARDING THE FEDERAL TAX LAW...
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 ALIMONY PAYMENTS RECEIVED ?
CAN CHILD CARE REDUCE THE TAX ON ALIMONY PAYMENTS
RECEIVED ?
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Answered in 5 minutes by:
10/4/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,872
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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A business loss that is reported on the 1040 is subtracted from other income (this includes alimony). It reduces the taxable income.

Child care is a credit. It reduces the tax liability not the income itself.

In short both will be benefit but in different ways.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Customer reply replied 7 months ago
KINDLY EXPLAIN HOW CHILD CARE REDUCES THE
TAX LIABILITY ? GIVE ME AN EXAMPLE.

Your tax is calculated on the 1040 form before you list the Child Care credit. Then the credit is subtracted from the actual tax. That is how it reduces the tax liability and not the income.

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Customer reply replied 7 months ago
IF CHILD CARE IS SUBTRACTED FROM THE ACTUAL
TAX, IS THAT A BETTER AND MORE VALUABLE TAX
DEDUCTION ? ALSO WHAT ARE THE LIMITATIONS ON
THE CHILD CARE DEDUCTIONS ?

That depends. If the taxpayer is offered to have a child care benefit through work then that is better. The Child Care Credit is just a percentage. The amount can go into the Child Care Account up to$6000 without having it shown as income on the W2.

The total expenses that you may use to calculate the credit may not be more than $3,000 (for one qualifying individual) or $6,000 (for two or more qualifying individuals). Expenses paid for the care of a qualifying individual are eligible expenses if the primary reason for paying the expense is to assure the individual's well-being and protection. If you received dependent care benefits that you exclude or deduct from your income (as I explained before about your W2), you must subtract the amount of those benefits from the dollar limit that applies to you.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,872
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,872
17,872 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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