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Even if you itemize your deductions on Schedule A of Form 1040, child support payments don’t qualify as an itemized deduction. However, don’t confuse child support payments with spousal support.
In divorces and separation agreements signed on December 31, 2018 and earlier, alimony is tax-deductible for the payer, and treated as taxable income for the recipient. Pursuant to the Tax Cuts and Jobs Act of 2017, for divorce judgments dated January 1, 2019 and later, spousal support is treated as not-taxable and non-deductible for either party.
One issue that couples often contend with during the divorce process centers on financial support. Both parties can work together to reach an agreement on alimony or spousal support or in cases of ...
The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction , which significantly reduced the number of taxpayers who claim the SALT deduction. [ 25 ]
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...
The good news is that Montana residents over age 65 can take a new standard $5,500 deduction from their federal taxable income for the 2024 tax year. New Mexico. New Mexico increased the income ...
The update identified 120 new statutory provisions involving marital status, and 31 statutory provisions involving marital status repealed or amended in such a way as to eliminate marital status as a factor. The first legally-recognized same-sex marriage occurred in Minneapolis, [3] Minnesota, in 1971. [4] On June 26, 2015, in the case of ...
Per court documents obtained by Us at the time, Clarkson agreed to pay Blackstock spousal support of $115,000 monthly until January 2024 and was asked to pay a one-time, tax-free fee of $1,326,161.