All Things Taxes

What to know about paying or receiving alimony

Posted By JK Harris on January 20, 2009

If you are divorced and are paying or receiving alimony, there are some basic tips you should follow when filing your 2007 federal income tax return.

If you receive alimony payments from your ex-spouse, that money is taxable to you in the year you receive the payments. And since no taxes are withheld from alimony payments, you may need to make estimated tax payments throughout the year or increase the amount you have withheld from your paycheck.

On the other hand, if you are making alimony payments under a divorce or separation instrument, you can deduct the payments if certain requirements are met. Payments that are not required by a decree or agreement do not qualify as being deductible.

Child support is different, however. Child support payments are not deductible, and child support payments received are not taxable.

Now, if you paid or received alimony, you must use Form 1040, not 1040A or 1040EZ. And, if you received alimony payments, you must give the person who paid the alimony your Social Security number or you may be subject to a $50 penalty.

For more information about alimony payments and how they affect your tax return, you can go to www.irs.gov or call 1-800-TAX-FORM (1-800-829-3676).

Category: Tax Alerts, Tax Preparation
Tags: alimony, divorce, separatio, taxable income

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January 2009
S	M	T	W	T	F	S
		Feb »
	1	2	3
4	5	6	7	8	9	10
11	12	13	14	15	16	17
18	19	20	21	22	23	24
25	26	27	28	29	30	31

2009 Tax Calendar

October 2 -Deposit payroll tax for payments on Sept 26-29 (if the semiweekly rule applies).

October 7 -Deposit payroll tax for payments on Sept 30 - Oct 2 (if the semiweekly deposit rule applies).

October 9 -Deposit payroll tax for payments on Oct 3-6 (if the semiweekly rule applies).

October 13 Employers:
-Employees are required to report to you tips of $20 or more earned during September.

October 15 Individuals:
-If you filed a Form 4868, file your 2008 calendar year tax return.

Partnerships:
-File your 2008 tax return if you were given a 6-month extension. Electing Large Partnerships:
-Deposit payroll tax for September if the monthly deposit rule applies. Deposit payroll tax for payments on Oct 7-9 if the semiweekly deposit rule applies. If you filed a Form 7004, file your 2008 calendar year tax return. If you filed Form 5558, file 2008 Form 5500.

October 16 -Deposit payroll tax for payments on Oct 10-13 (if the semiweekly deposit rule applies).

October 21 -Deposit payroll tax for payments on Oct 14-16 (if the semiweekly rule applies).

October 23 -Deposit payroll tax for payments on Oct 17-20(if the semiweekly rule applies).

October 28 -Deposit payroll tax for payments on Oct 21-23 (if semiweekly rule applies)

October 30 -Deposit Payroll tax for payments on Oct 24-27 if the semiweekly rule applies.

What to know about paying or receiving alimony

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