Can I claim my 4 children if my only income is court ordered child support, I bought/sold stocks($5 or less) and received an email stating I have to file because of that?

[mccaulley7861]

I'm a full time mom they are with me full time. I've only bought and sold small amounts in stocks. I got an email saying if I bought and sold stocks I have to file taxes but I have no other income besides child support.

[Cynthiad66]

It depends.  The information provided does not give enough information to make the determination on whether you need to file.  However,  if you are required to file a tax return and your children are qualified dependent, then you can claim your children.  According to IRS rules, child support received doesn't count as taxable income and not required to be on return.  But, if you sold stocks at a profit, you may owe taxes on gains from your stocks.

The email received which suggests filing must have information on the stocks sold and income received.  Without specific information I would be speculating on whether you have to file.   Although you may not be required to file a tax return, you may still want to file a tax return if you had any withholdings that can be refunded, or if you qualify for any refundable credits.

You can use TurboTax FREE to determine whether you need to file.  Use this link to choose the TurboTax product  to prepare your tax return.  You start for free and only pay if you need to file.  

Use this link for Rules for Claiming a Dependent on Your Tax Return

Is Child Support Income

[xmasbaby0]

@mccaulley7861 Are you asking if you can get child-related credits like the child tax credit for 2022?

The tax laws have changed.

Have you entered income from working in 2022?  If not,  you will not receive an income tax refund based on having dependent children.

The rules for getting the child tax credit on a 2021 tax return and now on a 2022 return are very different.  For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no income/did not work.   That is NOT the way it will work for your 2022 tax return.  The “old” rules are back.   The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1500.   In order to get that credit, you have to have income from working.  The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1500 per child.  If your child is older than 16 at the end of 2022, you do not get the CTC.  But you may still get the non-refundable $500 credit for other dependents instead.

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...