Tax Tip of the Week
 

Alimony Income

Unlike child support payments, which are never taxable or deductible, alimony received from a former spouse is usually taxable. If your divorce decree, or written agreement with your ex-spouse, specifies amounts for both child support and alimony, the portion you receive as alimony must be reported as income on line 11 of your Form 1040. If you are the one who is required to make the alimony payments, the payments you make may be deductible if certain requirements are met. See "IRS Publication 504, "Divorced or Separated Individuals" for further information.

 

 

Previous Tax Tips

Previous tax tips are archived in five categories. To read the previous tax tips, click on a category below:

 

 
       
       
   

 

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