Is child support considered income? Why or why not?
Child support is considered income in some circumstances. It is considered income by the IRS for the person who worked for it and is subsequently taxed for it as income. And it is non-deductible. The receiving parent or guardian is not taxed because they didn't earn it, regardless of the fact that it still ends up in their pocket. So for the receiving parent it is not counted as income by the IRS. However if you are trying to get an apartment or loan, it can be counted as income there for the parent receiving it. When it comes to benefits, the parent receiving it doesn't have to claim it as income so that they can qualify easier. The parent earning the child support must claim it as income, thus negating any hopes of government assistance. Basically, if you're the receiving parent, you can claim it or not. What ever makes life easier. If you are the paying parent, you are legally required to claim it or not based on whichever option makes life harder. Hope this answer is sufficient to answer your question and display my displeasure with this whole cockamamie system.SignedA father who pays child support while circling bankruptcy and watching the mothers live it up while the kids gets nothing.
Can custodial parents get an increase in child support if the non-custodial parent wins the lottery or gets a raise at work or otherwise ends up with more money?
Yes, the custodial parent just has to file a child support modification and take the non-custodial parent back to court. You request the documents from your local family court or by calling the child support hotline.
What percent of income goes to child support?
It depends on your state. In some states it works like the other person said, but in many states it is a straight percentage of the non-custodial parents pay check. Typically the non-custodial parent will have to provide health insurance to the child and around 20% of their gross salary. So, if he brings home $500 a week, he is probably making about $650 before taxes, and $650 a week puts him at $2800 a month, and 20% of that is $560 per month in child support payments. In our case when my husband got custody of his son he didn't want the mom to provide insurance because she was on government assisted insurance which really limited where we could take him to the doctor. So we had it worked into the court order that my husband would provide insurance and in georgia that increased the child support the mom had to pay. You can find a child support work sheet on your states child support services website which should allow you to just plug in the numbers you know. And just so you know it wouldn't matter if he got the child a present every day, or bought the child a car, those are considered gifts and have no bearing on child support. However, if the dad never sends anything, even for birthdays and Christmas then that would be a thing for custody/visitation when that comes up again.
Is inheritance considered income for child support calculations in Illinois?
the child support doesn't change until the other parent goes to court to have it changed if you are r'qrd to report all your income to the court, inheritance is not income for IRS purposes and if it is for NY that will be dependent on the tax laws of NY
Does the Social Security Administration monitor your bank account if you have Social Security Disability Insurance Income?
SSDI - Not unless you owe the Federal Govt. money, such as taxes or student loans, also child support obligations.SSI - Yes. There is an agreement with the state, although you won’t find it even if you look, that if you receive Medicaid or Food Stamps, they can look into your bank accounts. This is besides the SSI, but can’t be garnished.You also have limits on SSI on your asset values, it varies by state, but most states the limit is $2,000 held in a bank account, especially if you use Medicaid or Food Stamps. SSDI = no limits.But don’t be fooled with SSI. States have something called “Medicaid Estate Recovery Program (MERP)”, please Google. This is essentially a state-run, full-time collection agency looking for you to abuse a state program. They can and do look at your bank accounts.I had Medicaid and Food Stamps. My DHS worker messed up my Food Stamp amount. 3 years later, I got called in to a DHS office, but it wasn’t them, it was the MERP jerks, threatening to have me arrested for over-payment of Food Stamps. It was DHS’s fault, but they do not care, at all. They are a bully collection agency approved by the govt. and they do whatever they want, inc. the ability to see your bank accounts.
What is the conservative vs. the liberal argument on the estate tax?
It’s pretty straightforward on both sides, actually.The conservative argument is that people work to amass wealth during their lifetimes at least partly to give their descendants a better life, and an estate tax penalizes them for trying to do that. Also, that the money has already been subject to income tax, so taxing it again is a form of double taxation.The liberal argument is that large amounts of hereditary wealth have historically led to the formation of unproductive aristocracies that have destabilized societies and that an estate tax limits the propensity for those to form. Also that any money transfer from one individual to another is taxable and that inheritance should not be an exception.Both arguments have their merits, and the current federal estate tax in the US is a reflection of that- there is an $11.2M exemption per person for inheritance taxation[1] . That is, you can inherit that amount of money with no estate tax kicking in, its only anything above that gets taxed.Footnotes[1] IRS Announces 2018 Estate And Gift Tax Limits: $11.2 Million
I live in Louisiana. Going through divorce. Attorney told me I am entitled to 1/2 of his earnings.?
A friend of mine said I'm only entitled to 1/2 of his earnings for a year from the time I filed. I thought it was until the divorce was final. Anyone know? I'm a stay at home mom, so he's been the sole breadwinnner for most of the marriage.
Can you legally drop out of high school at 16 in Illinois?
Don't drop out of school.