Sentences with phrase «loss of alimony»

That way, if you passed away, your policy would protect them and your dependents from the loss of alimony, child support or other financial assistance.

Not exact matches

Wages, salaries, tips, etc.; Taxable interest; Tax - exempt interest; Dividends; Taxable refunds, Credits or Offsets of State and Local Income Taxes; Alimony received; Business Income; Capital gains or losses; Other Gains and Losses; IRA distributions received (with certain Distribution Codes); Pensions and annuities (with determined taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign Ilosses; Other Gains and Losses; IRA distributions received (with certain Distribution Codes); Pensions and annuities (with determined taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign ILosses; IRA distributions received (with certain Distribution Codes); Pensions and annuities (with determined taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign Income.

However, if the spouse providing alimony and child support passes away, it might lead to a loss of income for the surviving spouse.

If this is your situation, you will, at minimum, need enough life insurance to cover the loss of your monthly support payments until your child support obligation ends (this differs by state), alimony, ongoing shared expenses (your children's health insurance), and planned contributions to your children's college fund or savings.

However, the interactions of tax and divorce law are complex and spouses paying alimony or spousal maintenance will most likely negotiate lower payments to compensate for the loss of the tax deduction.

Thus, under the new tax rules, less alimony would likely be paid to correct for the loss of the tax deduction by the higher earning spouse.

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.

Not understanding the tax link between child support and maintenance which can mean loss of tax deduction if the IRS believes you have claimed payments to be alimony instead of child support.

This free mortgage training video discusses liabilities to include for monthly debt payment - to - income - ratio, this part focuses on monthly housing expense & payment on all installment debts, example calculation on student loans repayment & student loans in deferment or forbearance, alimony, child support or maintenance, monthly payments on revolving or open - ended accounts regardless of balance, monthly lease payments, aggregate net rental loss, monthly payment amount for other properties and more.