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If you do not pay taxes on your alimony (for all divorces signed Jan. 1, 2019), you cannot use this money to contribute to either an IRA or a Roth IRA. If you pay alimony and signed your divorce ...
For a divorce agreement dating January 1, 2019 or beyond, you don’t have to report alimony payments on your federal tax return. The Bottom Line Understanding your tax liability is important.
For example, you cannot deduct fees for counseling, litigation or tax advice that you got during your divorce. The 2017 Trump tax plan also eliminated the deduction of legal expenses that were ...
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 claim a full tax deduction for …
In the most extreme case, two single people who each earned $400,000 would each pay a marginal tax rate of 35%; but if those same two people filed as "Married, filing jointly" then their combined income would be exactly the same (2 * $400,000 = $800,000), yet $350,000 of that income would be taxed as the higher 39.6% rate, resulting in a ...
Here’s more information on filing taxes after divorce. Changes Enacted in 2018. ... The adjusted gross income you’ll pay taxes on is $10,000. In the case of the child tax credit, you can ...
Divorce settlements can be extremely complicated. While it makes eminent sense to work with a financial advisor as you plan your finances for a divorce, there are several key areas that can hold ...
The specifics of filing taxes after divorce and how you draw up your divorce agreement could make a big difference when it … Continue reading → The post Filing Taxes After Divorce: A Practical ...