Home
>
Tax
>
Tax Deduction for Alimony Payments? - Yes!

Tax Deduction for Alimony Payments? - Yes!

Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.

According to the IRS, alimony payments are taxable to the recipient in the year received. In turn, the person paying the alimony can claim a deduction for the payments if the following tests are met:

1. You and your spouse or former spouse do not file a joint return with each other,

2. You pay in cash (including checks or money orders),

3. The divorce or separation instrument does not say that the payment is not alimony,

4. If legally separated under a decree of divorce or separate maintenance, you and your former spouse are not members of the same household when you make the payment,

5. You have no liability to make any payment (in cash or property) after the death of your spouse or former spouse; and

6. Your payment is not treated as child support.

If you are receiving or paying alimony, you must use Form 1040 for your personal taxes. Regardless of income levels, deductions or miscellaneous tax issues, you cannot use Form 104A or Form 1040EZ.

In preparing your tax return, the person receiving alimony will report the information on line 11 of Form 1040. That person must also provide their social security number to their former spouse or face a fine of $50. The person paying the alimony can claim the deduction on line 34a of Form 1040.

Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.

cheapest limo Glendale Heights ..

In The News:

With fake invoices and sextortion threats, here's a look at some of the latest spam emails currently circulating and how you can better protect yourself from them.

Kurt "CyberGuy" Knutsson weighs in on Apple's latest iPhone lineup, its features, specs and pricing and the options that are best for you.

The Seaglider is a cutting-edge, all-electric transportation vehicle that combines elements of boats, hydrofoils and aircraft for a different kind of transport.

Kurt "CyberGuy" Knutsson explores what's new with Apple's iOS 18, which has introduced big changes in design, features and overall usability.

During this election season, beware of fake candidate websites and fake social media accounts. Scammers can exploit passion to build trust and steal information.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Your online presence can risk your safety, but you can protect your privacy. Tech expert Kurt “CyberGuy" Knutsson offers tips to take control of your digital footprint.

Tech expert Kurt “CyberGuy" Knutsson reveals how the STING package makes Tesla’s Cybertruck an apocalypse-ready survival machine.

Kurt “CyberGuy" Knutsson: Apple’s AirPods Pro 2 will double as hearing aids via a software update.

Tech expert Kurt “CyberGuy" Knutsson says the National Security Agency advises weekly phone reboots to protect against cyberattacks and enhance mobile security.

Tech expert Kurt “CyberGuy" Knutsson discusses how sextortion scams now add home photos to threats, aiming to make blackmail scarier.

The Rubishack is a mobile tiny house built on a Cummins truck, perfect for adventurous living. Tech expert Kurt “CyberGuy" Knutsson takes a closer look at the tiny marvel.

A hacker shared 240 gigabytes of Toyota customer information on a dark web forum that included contact and financial information, emails and other data.

University researchers have developed a small, portable device that can accurately measure microplastics in water samples within minutes.

New Jersey-based Avis Rent A Car is the latest victim of a cyberattack that apparently has revealed personal information of hundreds of thousands of people.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The Plaud NotePin memory capsule is an AI-powered device you can wear around your neck like jewelry, and it helps you remember things.

Here are some of my best time-saving tricks when using Microsoft Office and Google Workspace including dictating text, freezing spreadsheet panels and recovering old file edits.

A skyscraper in New York has become the first high-rise in the world to use a robot to wash windows. Ozmo has robotic arms on a cleaning platform.

Technological advancements with baby monitors, which have varying levels of security, have brought new risks, including potential hacking.

The Associated Press-NORC Center for Public Affairs Research and USAFacts conducted a poll last month that found the majority of respondents do not trust artificial intelligence for accurate data.

There's been a sudden surge across the U.S. in anonymous messages that start with "hello" or "hi" that could leave recipients concerned.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt “CyberGuy" Knutsson discusses what Americans should be concerned about after nearly 1 million Medicare beneficiaries’ data was compromised in a recent data breach.

Tech expert Kurt “CyberGuy" Knutsson reveals how scientists developed a method for robots to sense touch using AI and sensors.