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No, alimony is not taxable. They are basically transferred to fulfill a requirement of the person demanding alimony. If one needs more details they can look for Siddhartha Shah and Associates on the following details.
Phone: 093222 86663
email: lawyersidd
Preeti Ranwal
Wiki User
∙ 11y agoYes alimony is taxable to the receiving party and deductible to the paying party.
Wiki User
∙ 14y agoAlimony is, child support isn't, though in some cases, it should be. The more alimony paid means less child support paid, as it lowers the obligor's taxable income.
Wiki User
∙ 15y agoNo It is not
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Can ones alimony be garnished to pay child support in Ohio?
It's taxable income, so yes.
Alimony v Child Support-What are benefits and negatives of one over the other?
Actually, limited time alimony is better to pay than child support. Child support separate from alimony only became common some 40 years ago. Alimony is tax deductible, while child support is not. When calculating child support, alimony is a deductible item from gross earned income on which the calculations are based, thus less child support is ordered. In addition, the alimony adds to the total taxable the other parent, resulting in them taking on a greater obligation in the support of the children. Balancing the benefits of one over the other is something to discuss with a tax accountant. Reducing taxable income, as a result of paying alimony, could bring the obligor into a lower tax bracket. Combining this with the lower child support obligation could actually create an overall savings as compared to just paying child support.
How can you deduct alimony payments when paying taxes?
Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010. Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable income for them. It's important to point out that child support payments are NOT deductible. So, if you are making monthly court-ordered payments that include both alimony and child support, you can only deduct the portion of those payments that are considered alimony. Usually the court order will specify these amounts.
Can you collect unemployment insurance if spouse works?
yes, unless your ex-husband was your pimp.
If paying alimony and ex spouse becomes eligible to draw Social Security on ex spouse who is paying alimony can alimony payments stop?
It depends on the wording of the alimony decree. Generally, the alimony and the Social Security are independent of one another.
Do you have to pay alimony if you're not married in Georgia?
No. Alimony is ordered as part of the dissolution of a marriage. Unmarried partners are not entitled to alimony. See related question link.No. Alimony is ordered as part of the dissolution of a marriage. Unmarried partners are not entitled to alimony. See related question link.No. Alimony is ordered as part of the dissolution of a marriage. Unmarried partners are not entitled to alimony. See related question link.No. Alimony is ordered as part of the dissolution of a marriage. Unmarried partners are not entitled to alimony. See related question link.
How does Iowa determine alimony?
the man has to pay the wife alimony :)
What is the meaning of taxable income?
The amount of income subject to income taxes; found by subtracting the appropriate deductions (IRA contributions, alimony payments, unreimbursed business expenses, some capital losses, etc.) from adjusted gross income.
Does the decease estate continue to alimony?
In the US, alimony terminates upon death. If there is back alimony due that's a different matter.
Do you pay taxes on child support if you have a high income bracket?
No Child support payments are neither deductible by the payer nor taxable to the payee. When you calculate your gross income to see if you are required to file a tax return, do not include child support payments received. However, alimony, separate maintenance, and similar payments from your spouse or former spouse are taxable to you in the year received:
What are alimony lawyers good for?
Alimony is when two people are divorced and one has to pay the other to help maintain their style of living. Alimony Lawyers are good for helping one of the divorcees get the alimony they deserve or even more.
Where can one go to find information about different alimony attorneys?
One can find information about different alimony attorneys from websites like legalmatch. One can also read up on the different types of alimony payments, like rehabilitative alimony, lump sum support, or permanent alimony.
