Is alimony taxable?
No It is not
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Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statut…e. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable. ( Full Answer )
You need to consult with an attorney who can review your situation and explain your options under your state laws.
Answer . Generally, yes. (There are some fairly special exceptions). A rose by any other name is still but just a rose. Same holds true with salary from your employer.
The present day term for alimony is spousal support . This can be awarded to either spouse in a divorce proceeding depending on need, length of the marriage, the role of the parties in the marriage and ability to pay. If both parties are self sufficient alimony is not awarded. It may be awarded tem…porarily while one gets the necessary training or education to become self-sufficient. The original awards for alimony were granted under early English Common Law when women were not allowed to work and were kept in a state of dependency by their husband's and the law. The courts recognized that they had to allow women to separate from their husbands in serious cases of abuse or abandonment. Although divorce was rarely allowed, alimony was awarded because the wife had no way to support herself and her children. Men were forced to support the wives they had abused or abandoned. A married women (most women) had no way to earn a living and all her property was under the control of her husband. She owned nothing and had no legal existence outside the marriage. As time progressed, alimony was a means to equalize financial resources between the parties since traditionally a woman supported her husband's education and career and could in no way match the earning power he developed with her help and support. Alimony is not something you can simply apply for. In fact, most marriages that end in divorce do not involve alimony at all. You need to consult with an attorney who can review your situation and explain your options under your state laws. The decision will eventually be up to a judge. ( Full Answer )
Answer A set amount of money paid from one spouse to another to help the lesser-earning spouse maintain a certain standard of living. Alimony is most common in situations where one spouse makes considerably more than the other. Also referred to as "spousal support". Answer Alimony is a payment mad…e by one spouse to another when they divorce. The amount is usually set by a judge. If one person in the relationship tends to make more money or supports the other person in the relationship the judge might order " alimony " to be paid to that person in order for them to continue living as they were. It is reguarded by most non lawyers as a punishment ordered by a judge to men and now some women because our legal industry makes vast sums of money off the litigation all the while caring nothing of the lives the destroy so one side can work 2 jobs while the other has to do nothing in return. It is what is known as justice ( Full Answer )
It depends on what the results are. Usually, because they are compensating you for something you lost, and had supposedly already paid taxes on, there is no tax on the compensation portion. If there are portions of the settlement that are punative, they can be taxed. Consult with your attorney, th…ey should be able to tell you what parts are and are not taxable. ( Full Answer )
Alimony in California is determined by presiding Judges andofficials. Alimony, of course, is mainly awarded to mothers withdependent children. These mothers, of course, have divorced theirhusbands, or have been abandoned or estranged by the biologicalfathers of their children. In order to receive al…imony, however,the mother has to prove hardship and not be in a position offinancial advantage. This course of action will be determined bythe mother's attorney or legal representative. ( Full Answer )
SSA Online help reference; . Some people who get Social Security disability benefits will have to pay taxes on their benefits. Less than one-third of our current beneficiaries pay taxes on their benefits.. You will have to pay federal taxes on your benefits if you file a federal tax return as …an "individual" and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total income that is more than $32,000.. http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=320&p_created=959575695&p_sid=kDx_YzZi&p_accessibility=0&p_redirect=&p_lva=&p_sp=cF9zcmNoPTEmcF9zb3J0X2J5PSZwX2dyaWRzb3J0PSZwX3Jvd19jbnQ9NDgsNDgmcF9wcm9kcz0mcF9jYXRzPSZwX3B2PSZwX2N2PTEuMTA1JnBfcGFnZT0x&p_li=&p_topview=1 ( Full Answer )
If your ex is not working then I do not think you can get alimony...the whole point of alimony is for the "dominant" partner...as in the one that makes more money, to provide financial support for the other after a divorce, but if they are not making any money themselves then you cannot expect them …to be able to support you if they can barely support themselves. ( Full Answer )
Be a woman, Tell the judge you want every dollar your ex will ever make, you don't want to ever work again, and it is your opinion that he should be punished for life. He will award you everything and anything you want, Also if you want more than that move to Florida, file there, because men in divo…rce court are like a Jewish person in the courtroom of judge Osama Bin Laden ( Full Answer )
For how long does a husband have to pay alimony to his ex-wife in New York Satate?
In the Internal Revenue Code there is a tax imposed upon taxable income and that is defined as gross income or adjusted gross income which amounts to income earned in a taxable year by a taxpayer. A taxpayer is any person subject to any revenue laws. Is that clear? It isn't to me, and I …remain astounded that so many people will claim that such circumlocution is clear to them. A tax imposed upon taxable income does not answer what the subject of the tax is. Is taxable income the same as income? If it is then why is taxable income defined as gross income or adjusted gross income but income itself never defined? Is income the subject of the Personal Income Tax Law? Who are the taxable persons? Those persons made liable for a tax are. How do we know who has been made liable to a tax by understanding that a tax was imposed upon taxable income? ( Full Answer )
You need to review the particular court order that addressed alimony. There is no universal answer to that question..
There is no brighline answer to this question but usually short marriages to not qualify a spouse for alimony because there is an assumption that there was not enough time to create the need for alimony payments. More specifically, the court assumes that you have kept the same ability to support you…rself that you had before marriage. And each spouse is expected to be substantially independent and self-supporting within a short period of time. However, there are circumstances in which a shorter marriage would allow for alimony. For example, a situation in which one party was not working at all and does not have the skills to make an income or some other showing of hardship. ( Full Answer )
they are if you sell them and they create income. and also if they are bought with a view to their appreciating in value.
Some states allow you to receive temporary alimony while the case is pending in court, however, you cannot receive alimony after the annulment has been granted.. This is because an annulment declares the marriage to be "void" and erases it as if it never existed under the law. Spousal support canno…t be awarded if no valid marriage existed.. If you believe you will need spousal support, you may prefer to file for divorce or legal separation as alimony may be awarded in both of these cases. ( Full Answer )
The amount of an individual's annual income on which tax is payable Here is a link: http://www.finance-glossary.com/define/taxable-pay/1415/0/T
An investment, whose returns are taxable can be termed as taxable investment. For ex: In India, the interest earned on bank deposits are taxable. Hence depositing money in fixed deposits can be considered as a taxable investment
It depends. Some states apply sales tax to software, some don't. If you receive software in payment in exchange for goods or services, the value is subject to income tax. If you give gifts of software, the value can be subject to gift tax. And so on.
Yes the amounts are property, etc received would be taxable income to the receiver of the gratuity.
Alimony is granted as part of a divorce proceeding. Alimony arrangements are generally agreed to by divorcing spouses in their marital settlement agreement or by court order by the court with jurisdiction over the divorce.
If both work but the parent with custody of the children cannot make the payments of the basic household finances on their own, they should be awarded alimony for an allotted time, until their situation can be transitioned into their new life.
If the stipend was for books or education, it is not taxable. Otherstipends may be taxable depending on their purpose.
It's possible to seek a modification of the divorce decree afterwards. You'll need to consult a lawyer who is familiar with the law in your state to get a definitive answer, though.
Alimony 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.
If you're in the US, yes. Alimony is not for the support of children, it's for the support of ex-spouses. However, judges are not required to order alimony, and usually they only order it in specific circumstances.
Interest received from bank accounts, interest received on loans made to others, and interest from other sources are termed as taxable interest. Some other examples of taxable interest are interest on money market certificates, and deposited insurance dividend. In other words interest that can be wi…thdrawn and received comes under taxable income. ( Full Answer )
Not as a loan but if you put it into an account such as savings or checking it can then be taxed ans A loan is NEVER taxable. (If you invest the money in something, say get paid interest on it, that interest may be taxable, but the principal of the loan never is). Nor is it's repayment ever …tax deductible. A loan does NOT change or increase your net worth. The amount you borrow is entirely offset by an equal amount you owe. A loan is NOT income. . The receipt of loan amounts that are genuine arms-length transactions where there is a legitimate expectation of being repaid are not includible in gross income, because there is a genuine expectation of a liability arising from the duty to repay, and thus loan proceeds, if the transaction proceeds as expected, do not constitute an accretion to wealth. Interest paid on loan proceeds is includible in gross income. Most, but not all, discharges of indebtedness are includible in gross income under Title 26, United States Code, section 61(a)(1) [I.R.C. section 61(a)(12)]. However, see Title 26, United States Code, section 108 (I.R.C. section 108) for specific items of discharge of indebtedness that are excludible from gross income. ( Full Answer )
children, w2s and household utilities ans All the above are entirely incorrect. A tax credit is a term for many things available under tax laws that provide for a dollar for dollar "credit" or benefit to be used to pay tax otherwise due. It is unlike a deduction which only reduces the tax…able income. A credit essentially pays the tax due on income that may well already have many deductions taken to it. An example is that the US Fed currently allow a 1st time homebuyers credit. Which if qualified for, a buyer of a house can use to PAY income tax they would have otherwise had to pay that year. The idea is to free up that cash so the new buyer could use it to purchase the house (instead of paying tax) and stimulate the economy. ( Full Answer )
If you mean do you have to pay taxes on any winnings from a casino, yes, you are supposed to.
It sure is. It is as much "income" as any other pay in your payslip. Also note: Self-employed income or cash received is as taxable as any other remuneration source.
YES it is and it is entered on your 1040 income tax return line 11 Alimony received
Depends if you want to do it the legal or illegal way. LEGAL: You could always get a job with lower income then your ex. ILLEGAL: Ask to get paid "Under the table", or work the corners.
TAXABLE PROFIT should be your NET PROFIT from your business operations because that would be that amount that would be subject to all of the different taxes that you would be liable for on your NET profit from your business operation.
It Stops when judge ruled in such case ,some get it till you remarry or until you die other half of marriage years you had together..
This depends on the country or state you live in. Best answer I can give you is call your local courthouse or City Hall and ask them, they should be able to give you the answer.
Alimony is a maintenance payment by a person to his or her spouse. The rules vary significantly between states and between countries but in general, the payment is set by a court and will take into account matters such as behavior of both parties , previous lifestyle and the needs of each person. Ch…eating is behavior that will gain no reward from the court but is rarely the only factor in the judgment made. Alimony is not child support. Regardless of the behavior of either the husband or the wife, child support payments are almost always demanded from the absent parent to assist in the costs of raising children, if there are are any. In this enlightened age of equality, alimony and child support payments may be required from either the wife or husband depending on the circumstances. ( Full Answer )
For sales tax purposes, all tangible goods are taxable unless there is an applicable exemption, e.g. manufacturing equipment. A seller should assume the goods are taxable and charge tax unless an exemption certificate is accepted in good faith. In addition to tangible goods being taxable, Texas impo…ses sales/use tax on a host of services including information and data processing services, repair and remodeling to tangible personal property as well as real property, certain personal services, waste removal, amusement, telecommunications, etc. The rule of thumb is that tangible goods are taxable unless there is an exemption, whereas services are not taxable unless they have been specifically enumerated as taxable by the legislature. ( Full Answer )
Yes. However, the Consumer Credit Protection Act limits the amount. Your wages can be garnished up to a maximum of 50% to cover child and/or spousal support if you are supporting another spouse or child. If you are not supporting another child and/or spouse, up to 60% of your wages can be garnished.… Generally, no more than 25 percent of a person's wages is garnished. ( Full Answer )
"Child support" is self-explanatory. Alimony (or maintenance) is intended to support the former spouse. It is usually temporary, until the former spouse can become self-sufficient.
Yes, under the Uniform Domestication of Foreign Judgments Act , which arises from the Full Faith and Credit clause of the U.S. Constitution.
Nothing. Alimony is only required by court order in the case of a divorce. A current spouse cannot be compelled to send alimony. Let's leave the semantics aside for the moment. If your ex -spouse stops sending the court-ordered alimony, then you can report them (if you're not sure who to report… them to, call your local legal aid office and ask... the information desk at your nearest courthouse should be able to give you their number). Nonpayment of support is looked on unfavorably by the courts. ( Full Answer )
Where the former spouse-payor proves to the court that a change in circumstances on the part of the former spouse-payee has occurred such that it should no longer be lawful that the former spouse-payor should continue to be required to pay.
monthly alimony: is money you are ordered to pay (on a monthly basis) by court, to a divorsed or separated spouse.
All building supplies are subject to sales tax in states that impose a sales tax.
You don't deserve a dime if you cheated, but unfortunately it ispossible depending on the laws of your state. You should get a(really good) lawyer to argue why you "deserve" alimony.
The alimony you get can increase based on the income of both spouses. If the person paying the alimony starts to make more money, they can be required to pay more based on a percentage.
Example sentence - She was surprised to learn the money she received for spousal support is taxable income.
A divorce lawyer will handle the complicated process of dissolving a marriage, this includes, alimony and property division and child custody agreements. The lawyer will advise you appropriately according to your circumstances. When a marriage breaks down and divorce proceedings commenced it is norm…ally a condition of the settlement that the person who earns more will have to make payments "alimony" to the spouse with a lower income to match the lifestyle they have become accustomed. ( Full Answer )
To give more impetus to general public, insurance is not taxableboth to both at entry and exit point. In India, paying insurancepremia is considered u/s. 80C, while maturity payment is totallytax free u/s. 10,10(D) of Indian Income Tax Act. These exemptionfrom paying taxes makes insurance more attra…ctive than bank or postoffice, private savings instruments. ( Full Answer )