Tag Archives: alimony
Not every dollar you receive is considered taxable income by the IRS. Understanding the difference between taxable and nontaxable income is crucial for effective financial planning and can save you a significant amount of money during tax season. The taxability of your income depends on specific IRS rules and regulations. To help you identify what […]
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The overhaul made a significant change to the alimony payments tax status. For divorce and separation agreements signed after 2018, payers will not be able to deduct alimony on their tax returns. At the same time, future recipients will no longer be required to report these payments as income, making their tax treatment similar to […]
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Don’t forget that alimony and child support have an impact on your taxes. You have to report the amounts when you file. Here’s the breakdown. Alimony Alimony payments are deducted from your taxable income, which lowers the amount you are taxed on as long as you meet the following requirements: You pay by cash, check, […]
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