Sentences with phrase «deduction on alimony»

GOP Tax Plan Eliminates Tax Deduction on Alimony 2 NOVEMBER, 2017 Nancy A Hetrick On Wednesday, November 1, 2017, the House finally released their proposal for tax reform and one item on the list is to eliminate the deductibility of spousal maintenance / alimony for...

While alimony paid is currently deductible for those filing taxes in 2018, the new tax law will eliminate the tax deduction on alimony for anyone who gets divorced in 2019 or later.

Not exact matches

These include deductions for contributions to individual retirement accounts, alimony payments, certain moving expenses, and interest on student loans.

Can anyone comment on whether this is a reasonable interpretation of the meaning of «alimony,» and / or explain how the IRS might view it if the alimony - paying spouse submitted a tax return as «Married Filing Singly» reporting the alimony paid as a deduction from taxable income?

These include deductions for contributions to individual retirement accounts, alimony payments, certain moving expenses, and interest on student loans.

The adjustments — sometimes called above - the - line deductions because you can claim them whether or not you itemize deductions — include (among other things) deductible contributions to Individual Retirement Accounts (IRAs), SIMPLE and Keogh plans, contributions to Health Savings Accounts (HSAs), job - related moving expenses, any penalty paid on early withdrawal of savings, the deduction for 50 percent of the self - employment tax paid by self - employed taxpayers, alimony payments, up to $ 2,500 of interest on higher education loans and certain qualifying college costs.

Cavanagh v. Minister of National Revenue 2013 FCA 94 Income Tax — Deductions in computing income — Alimony Cavanagh was ordered to pay support in a specified amount per week as well as interest on any payments in default, from the date of default.

You can deduct alimony on your return regardless of whether or not you itemize deductions on your tax return.

Pittsburgh Family Law Attorney Brian Vertz Continues Tax Reform Discussion on New Laws, Alimony Deductions

When negotiating a divorce settlement in 2019 or later, the new tax rule on alimony and spousal maintenance can be factored into the settlement by reducing the amount of alimony or spousal maintenance the paying spouse must send to compensate for the loss of the prior tax deduction.

This is a significant development in family law, because during 2015, approximately 600,000 couples used the alimony deduction on their federal tax returns.

As part of the U.S. Congress» drive to reform the tax system, one issue that kept on arising was whether the alimony tax deduction would be repealed.

Do you think the provision to kill the alimony deduction in the proposed Tax Cuts and Jobs Act will have a negative impact on the majority of your clients?

Alimony is taxable income and a tax deduction for the spouse who pays, but you will not be taxed on awarded assets.