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The recipient doesn’t have to pay taxes on the payments, meaning alimony is no longer taxable. If your divorce was finalized before the end of 2018, you may qualify for an alimony tax deduction if:
According to Bechtol, following the legislation of the Tax Cuts and Jobs Act of 2017, alimony payments associated with divorce agreements dated Jan. 1, 2019, and later are not taxable for the ...
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 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.
In the United States, child support is the ongoing obligation for a periodic payment made directly or indirectly by an "obligor" (or paying parent or payer) to an "obligee" (or receiving party or recipient) for the financial care and support of children of a relationship or a (possibly terminated) marriage.
A tax holiday is a temporary reduction or elimination of a tax. It is synonymous with tax abatement, tax subsidy or tax reduction. Governments usually create tax holidays as incentives for business investment, although the arrangement has also been characterized as a form of corporate welfare that leads to a redistribution of resources away ...
Under the old, pre-2019 alimony tax rule, filers could deduct alimony payments on their Form 1040, and recipients had to include alimony as income, provided that the payments were made in cash ...
2. Sweet Child of Thine. Being a parent is tough these days and sometimes it can put a strain on a partnership. When divorce or separation happens and there are kids involved, most likely one of ...