What is the name of your state? Virginia ira withdraw used for child support calculation
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nextwife
Senior Member Join Date: Jan 2003
Location: WI
Posts: 6,333
Post in the tax Forum. I believe that there may be a way to gift the education money to son that could help offset some tax consequences.
For CS purposes, I do believe that the money placed into the IRA was actually "income" in the year it was earned.
What is the name of your state? Virginia
I am divorced for the 2nd time. 2 children with my first wife and 1 child with my 2nd wife. I have custody of the 2 from the first marriage. I took out 10,000.00 from my IRA account for my oldest sons education. I have to pay taxes on that money for the 2004 tax year. I am going to have my child support modified next year since there is no more day care for my youngest son. My question is will they count the 10,000.00 that i have to pay taxes on from my ira as income since i have to list it on my tax forms?
mrscrewed
#2 Today, 06:04 PM
nextwife
Senior Member Join Date: Jan 2003
Location: WI
Posts: 6,333
Post in the tax Forum. I believe that there may be a way to gift the education money to son that could help offset some tax consequences.
For CS purposes, I do believe that the money placed into the IRA was actually "income" in the year it was earned.
__________________
Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"!
--------------------------------------------------------------------------------
nextwife
Senior Member Join Date: Jan 2003
Location: WI
Posts: 6,333
Post in the tax Forum. I believe that there may be a way to gift the education money to son that could help offset some tax consequences.
For CS purposes, I do believe that the money placed into the IRA was actually "income" in the year it was earned.
What is the name of your state? Virginia
I am divorced for the 2nd time. 2 children with my first wife and 1 child with my 2nd wife. I have custody of the 2 from the first marriage. I took out 10,000.00 from my IRA account for my oldest sons education. I have to pay taxes on that money for the 2004 tax year. I am going to have my child support modified next year since there is no more day care for my youngest son. My question is will they count the 10,000.00 that i have to pay taxes on from my ira as income since i have to list it on my tax forms?
mrscrewed
#2 Today, 06:04 PM
nextwife
Senior Member Join Date: Jan 2003
Location: WI
Posts: 6,333
Post in the tax Forum. I believe that there may be a way to gift the education money to son that could help offset some tax consequences.
For CS purposes, I do believe that the money placed into the IRA was actually "income" in the year it was earned.
__________________
Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"!