Alimony Payments

Alimony Payment

A payment one makes periodically to a former spouse (or a current spouse from whom one is separated). Alimony payments are tax deductible for the paying person and are taxable income for the receiving person.

Alimony Payments

Payments made by one spouse to the other spouse or former spouse under a separation or divorce agreement. Qualified alimony and separate maintenance payments are includible in the gross income of the recipient and are deductible by the payer. Child support payments, voluntary payments, and property settlements are not treated as alimony.
References in periodicals archive ?
This means that the recipient will have the use of the full amount of each alimony payment. However, because alimony payments are no longer deductible from gross income, the paying spouse will likely want to pay less alimony.
Since tax implications can be a significant factor in divorce and alimony negotiations, inconsistent state and federal laws can delay the resolution process and create complications for taxpayer returns where alimony payments or receipts are treated differently on state and federal returns.
With regard to alimony payments: "The federal law change repeals the deduction for alimony payments and the inclusion in income of the alimony payments to the recipient effective for divorce and separation agreements entered into or modified after December 31, 2018.
The Massachusetts Alimony Reform Act of 2011 set clear parameters for calculating alimony payments, providing that "the amount of alimony should generally not exceed the recipient's need or 30 to 35 percent of the difference between the parties' gross incomes."
Alimony payments: The overhaul eliminates the deductions for alimony payments for divorces finalized starting in 2019.
From January 2007 until January 2016, Lee reportedly listed the spouses of three legislative assistants as his employees, allowing him to pocket public funding, which he then used to finance alimony payments for his ex-wife as well as trips and other private expenses, CNA reported.
The court also ordered Mahmud Abu Bekir, who is a businessman, to make the alimony payments in three instalments of RM10 million each beginning October 31.
The longstanding rules apply: Alimony payments are deductible for the spouse paying the alimony, but includible in the income of the spouse receiving the payments.
The ministry previously said that not paying alimony to children is considered both an act of violence and against child protection law in Saudi Arabia, and those who evade alimony payments will face penalties.
31 because the TCJA eliminates deductions for alimony payments unless the alimony is subject to an agreement entered into on or before Dec.
Of the handlers, Arnett has the terse air of a man doing anything he can to keep up with his alimony payments; Natasha Lyonne submits to a makeover so comprehensive she's all but unrecognisable -- a smart move on reflection.