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Most lump sum payments given in a divorce are not taxable. Lump sum payments that are non-cash property settlements, payments to keep up a standard of living or property are not taxable. However, any lump sum payment given as a form of alimony is taxable.
Wiki User
∙ 9y ago
Wiki User
∙ 13y agoThat depends on several factors including the nature of the transfer and the nature of the assets that are transferred. You should consult with a tax specialist or attorney who specializes in divorce who can provide a more particular answer regarding all the categories of asset transfers that can be made in a divorce action.
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I inherited an IRA from my mother who passed away last year. Do I have to pay taxes on the IRA Does it go directly on my Income Thanks.?
Yes, you will have to pay taxes. You can take the money lump sum and pay the taxes this year, or you can roll it over into an inherited IRA and pay the taxes as the money is distributed. You will be taxed at your normal marginal tax rate.
What if you have no money to pay your taxes?
You are legally required to pay taxes. Taxes are only due on money you have earned therefore if you owe taxes you have had the money. If you do not pay the taxes you owe you will be sent to court and made to pay - even if you go to prison you will still owe the tax man.
Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
Do athletes pay taxes on money won?
Yes they have to pay taxes on the winnings
Do republicans pay taxes?
No they raise money on taxes
Do you have to pay inherit taxes on money willed to you in NC?
If you inherit money willed to you in the state of North Carolina, you must pay taxes on the money. Inheritance taxes are more than regular employee taxes.
What are synonyms of taxes?
a synonom for taxes is pay or give money
Did you have to pay taxes to be a citizen of athens?
Citizen of Athens had to pay taxes with the rich not having to pay taxes. The rich did have to pay for thing that the tax money didn't cover.
Where does the government get money to pay for all the services it provides?
taxes
I my divorce decree I get half of my ex's 401k can I use any of that money to pay bills with out a penality or tax against me?
No. You won't be able to use it for bills without having to pay 20% in taxes. Usually the 20% in taxes is taken out before you get your money. For example if you are to get $100k from your ex's 401k you will only receive $80k. The only way to keep from having to pay taxes on it is to roll it over into an approved retirement fund.
Do nuns pay taxes?
No They do not make money and so they do not have to pay taxes. All of there needs are satisfied by the church.
Do you have to pay the taxes on the money before you can get it?
yes
