Who pays federal income tax on alimony?
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Who pays federal income tax on alimony?
Alimony and child support are the two types of financial assistance that are awarded to ex-spouses, depending on the circumstances. In the past, alimony was tax deductible for the payor and reportable as taxable income by the recipient; following the passage of the new tax law, alimony is no longer deductible.
Do I have to file taxes if I only receive alimony?
Alimony Payee or Recipient: You do not need to report the alimony payments you received from your former spouse as income on the federal and state income tax returns for the year you received the payments.
How do I claim spousal support on my taxes?
You can deduct the amount of alimony payments even if you don’t itemize deductions on your income tax return. Use the standard income tax return, IRS Form 1040, to claim the deduction. You can’t use the simpler Form 1040EZ or Form 1040A. You’ll need to provide your former spouse’s social security number.
Do I report spousal support on my taxes?
The Tax Treatment of Spousal Support Spousal support (commonly referred to as alimony) is considered fully taxable in the hands of the former spouse or common-law partner.
