Feb 26, 2013 ... NEW YORK (MainStreet) — If you are paying alimony you may be able to claim an “above-the-line” deduction on your 2012 Form 1040.
Tax Treatment of Alimony. Amounts paid to a spouse or a former spouse under a divorce or separation instrument (including a divorce decree, a separate ...
Generally, the paying spouse deducts alimony payment from their taxes, but there ... time looking at different payment scenarios and how they play out tax- wise, ...
Nov 30, 2011 ... Now, it's time to specifically address the tax implications of alimony support payments. Child support payments or property settlements (i.e., ...
Oct 30, 2011 ... If you've endured the agony of a divorce—and more than 50 percent of Americans have—there's a good shot you're paying alimony.
Nov 8, 2016 ... The recapture rule adds the amount of your deducted alimony back to your taxable income in future tax years, at which time it becomes taxable.
The spouse receiving the alimony payments must pay taxes on those payments .... is temporary alimony, there is less time to deal with complex tax calculations.
Alimony is discussed in IRS publication 17, chapter 8. ... that i would make a one time, lump sum payment( approx $50K ). the lump sum payment will be satisfied ... normally be alimony as "not alimony for tax purposes" if that is part of the deal.
Here's how the two should be treated on your tax return. ... When you pay alimony, the payments are deducted from your taxable income, lowering your tax ...
Feb 10, 2017 ... When the end of matrimony leads to the start of alimony payments, it will affect each parting partner when it's tax time.