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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 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 ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Filing your taxes can get complicated depending on your unique circumstances, and not everyone has access to an accountant or other tax professional. Related: 8 IRS Secrets To Know for the 2023 Tax...
A qualified domestic relations order (or QDRO, pronounced "cue-dro" or "qua-dro"), is a judicial order in the United States, entered as part of a property division in a divorce or legal separation that splits a retirement plan or pension plan by recognizing joint marital ownership interests in the plan, specifically the former spouse's interest in that spouse's share of the asset.
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