Can I deduct spousal support payments?

Can I deduct spousal support payments?

If you are required to pay spousal support, there are various issues you may have to consider. For example, you may be having a hard time making your payments due to financial hardships you are facing because of a health condition that caught you off guard or the loss of your job. Or, perhaps you are unsure about how your alimony payments will affect your tax return. In Peoria, and throughout the whole state of Illinois, finding answers to spousal support issues and other family law problems is pivotal.

If you are required to pay alimony, you should be aware that your spousal supports payments can be deducted, according to the Internal Revenue Service. Moreover, spouse’s who receive alimony from their formal marital partner are also obligated to report alimony payments received to the IRS. In order for payments to be considered spousal support, various conditions must be satisfied. For example, payments that are seen as property settlements or child support are ineligible. Moreover, those who are divorced cannot count payments as spousal support if they live in the same household or file joint tax returns.

If you have questions about spousal support, whether you are unsure if your payments are eligible for deduction on your tax return or you want to make changes to your spousal support order, it is crucial to carefully go over relevant laws. You should also know that nothing presented in this piece was written as an alternative to legal counsel and is offered for general informational purposes.

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