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  • Are child support payments tax deductible?

    No, child support payments are not tax deductible for the individual that is paying the child support. In addition, if you receive child support payments, that income is nontaxable.

  • Are gambling losses tax deductible?

    Yes, but only up to the amount of winnings the taxpayer has. For example, if a taxpayer had $100 of gambling losses and $80 of gambling winnings, then the taxpayer could only deduct up to $80 of losses. The taxpayer would not have any gambling winnings in gross income, and the remaining $20 of gambling losses would not be tax deductible.

  • Are contributions to a Roth IRA tax deductible?

    No, contributions to a Roth IRA are not deductible from gross income. However, the main benefit with a Roth IRA is that future distributions are nontaxable. That means that both the principal and earnings grow tax free and can be withdrawn tax free in the future. There are limits and phaseouts that each taxpayer needs to be aware of. The image below lists out the different types of IRA’s and whether the contributions are deductible. As you can see only contributions to a traditional IRA (401k) are deductible.