529 Plan and College Savings

Archive for March, 2007

Question: Why do many fathers get a raw deal on child support?

It appears that, in Texas, the courts are a little biased in favor of women. How come the courts, or Office of Attorney General, do not take into consideration total debt or bills in regards to how much child support is to be paid? The percentage of income rule doesn’t always work. I make $3000 a month, but after taxes, social security, medical insurance and financial support, i have $1500 left over to pay a mortgage, car payment, car insurance, water, electricity, groceries, and student loans. I pay the required 20% of my income, but it is very difficult to get by. I have to work a 2nd job in order to have money for gas and groceries. On top of that, I help pay for soccer and baseball fees and contribute to a 529 college savings plan.

Answer: I think as a man you should feel some pride in the fact that you are supporting your child and their needs. When you have children the picture becomes bigger than just about yourself. Let me ask you this do you ever have to worry about your child’s care while they are with the mother? Piece of mind outta be worth something. Besides the child support worksheets are factored w/both parents income. So unless she is unemployed she is also contributing and twice as much as you because she’s the one that is physically there everyday and night making sure that the child is well taken care of. So go and boo hoo to someone else buddy

Navigating the sea of tax laws