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Jul 3, 2024 · Amounts paid to a spouse or a former spouse under a divorce or separation instrument (including a divorce decree, a separate maintenance decree, or a written separation agreement) may be alimony or separate maintenance payments for federal tax purposes.
May 13, 2024 · Today, alimony or separate maintenance payments relating to any divorce or separation agreements dated January 1, 2019 or later are not tax-deductible by the person paying the alimony. The person receiving the alimony does not have to report the alimony received as taxable income.
Nov 8, 2022 · The tax status of alimony is based on the legal theory of spousal support. Strictly speaking, alimony payments function as a transfer of income. During a marriage, both parties share and pay taxes on their income as a single household.
Under divorce or separation instruments executed on or before December 31, 2018, alimony payments are taxable to the recipient (and deductible by the payer). When you calculate your gross income to see whether you’re required to file a tax return, include these alimony payments.
Jul 31, 2023 · Tax treatment of alimony and separate maintenance. Amounts paid to a spouse or a former spouse under a divorce decree, a separate maintenance decree or a written separation agreement may be alimony or separate maintenance for federal tax purposes.
Dec 8, 2022 · If you got divorced before 2019, alimony payments you make are tax deductible; payments you receive are taxable income. The TCJA eliminated the alimony deduction for divorces that happen between 2019 and 2025, but Congress could vote to continue the current rules after 2025.
Alimony payments from divorces finalized on or after January 1, 2019, are neither deductible nor taxable. Child support payments are not deductible or taxable. By staying informed and seeking professional guidance, you can handle your taxes accurately and efficiently after a divorce.
