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Alimony: If the divorce was finalized in 2019 or beyond, alimony payments won’t be considered taxable income or be eligible for a tax deduction. Alimony payments may be deductible or reportable ...
Alimony Tax Rules Change If you got divorced in 2018, you will fall under the old rules. If you’re already receiving or giving alimony pay from a pre-2019 agreement, the new tax law shouldn’t ...
Alimony has two important tax statuses. If you finalized your divorce before Jan. 1, 2019, the person who collects alimony pays taxes on this money. This means that the person who pays alimony can ...
Alimony and Taxes. Focusing on alimony and taxes in a divorce should be one of the ways to safeguard your money. As part of a divorce settlement, it is not uncommon for the higher-earning spouse ...
Child support payments are never considered taxable income for the recipient and are never tax deductible for the payer. Alimony is also not tax deductible for the payer or taxed as income for ...
However, any divorce or separation agreements entered into prior to Jan. 1, 2019, that have not been modified are typically deductible by the person paying the alimony and count as taxable income ...
Any separation or divorce finalized on or before December 31, 2018, means that the person who receives the alimony money would pay federal income tax. However, since Jan. 1, 2019, those taxes are ...
The Tax Cuts and Jobs Act of 2017 eliminated a tax deduction for spousal support payments, and it also removed the requirement for spouses to report alimony payments received as taxable income. So ...