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If I receive child support will it be a taxable income for me ?. What about Alimony ? As part of my divorce settlement, I will get both child support and alimony. I am thinking of adjusting the amounts to get most tax advantage. Any suggestions ?

Alimony is taxable, child support is not taxable. I'm not sure what you mean by adjusting the amounts, but the court will determine what those amounts are. Or the court will have approval rights on any agreement you and your ex-spouse come up with. Hope this helps.

Doug

As ldguard mentioned, child support is not taxable and alimony is taxable income to the one who receives it and tax deductible to the one who pays it. Did you already finalized your divorce agreement ? Do you have any
special arrangement to pay more initially and continue normal payment later (front loading) ?
[quote="Eaglehawk"]If I receive child support will it be a taxable income for me ?. What about Alimony ? As part of my divorce settlement, I will get both child support and alimony. I am thinking of adjusting the amounts to get most tax advantage. Any suggestions ?