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).