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The state placed a child with us during this past year. we received money from the state for that child. Is that money taxable?
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No - Payments for providing foster care in your home are not taxable income.
If you receive a 1099-MISC for the payments, it's possible that the IRS will send you a letter in the future asking about it, but all you have to do is explain that the payments were for foster care.
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