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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 ...
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 ...
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 ...
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.
When is tax-free weekend in Texas 2024? The 2024 sale tax holiday begins Friday, Aug. 9, and goes through midnight Sunday, Aug. 11. Qualifying items will be exempt from sales tax when purchased ...
In Texas non-custodial parents behind more than three months in child-support payments can have court-ordered payments deducted from their wages, can have federal income tax refund checks, lottery winnings, or other money that may be due from state or federal sources intercepted by child support enforcement agencies, can have licenses ...
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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 ...