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The alimony recipient may also need to pay taxes on the money they received. On or after January 1, 2019: The Tax Cuts and Jobs Act (TCJA) changed the alimony tax implications. If the divorce was ...
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 ...
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 ...
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-half of self-employment tax, Allowable contributions to certain retirement arrangements (SEP IRA, SIMPLE IRA, and qualified plans) and Individual Retirement Accounts (IRAs), Penalties imposed by financial institutions and others on early withdrawal of savings, Alimony paid (which the recipient must include in gross income),
Gould—that alimony was not taxable to the recipient under the Revenue Act of 1913—was overturned by a subsequent Act of Congress, the current version of which is found in the Internal Revenue Code of 1986 at 26 U.S.C. § 71.
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 ...
The Pennsylvania Department of Revenue (DOR) is an agency of the U.S. state of Pennsylvania.The department is responsible for collecting all Pennsylvania taxes, including all corporate taxes and taxes on inheritance, personal income, sales and use, realty transfer, motor fuel, and all other state taxes.