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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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
Child support is not subject to federal taxes, while the tax treatment on alimony depends on a few factors, importantly the date of the agreement. ... 2018 is treated as taxable to the recipient ...