Do I have to pay taxes on spousal support?
Married couples who are getting ready to break up often have an assortment of uncertainties, from wondering how child support is calculated to custody matters, spousal support and other family law issues. At Just Law, we know how stressful divorce can be for people in Salt Lake City, and throughout all of Utah's communities. Moreover, divorce can lead to additional responsibilities down the road, such as those involving taxes.
According to the Internal Revenue Service's site, you are required to pay taxes on spousal support that you have received. Also known as alimony, spousal support must be reported as income when you file your tax return. It is also important to understand that spousal support payments can be deducted by those who made them. In fact, taxpayers can deduct alimony payments they have made regardless of whether their deductions are itemized.
When working through divorce matters, it is vital for both parties to strive for a positive outcome. In some cases, couples are able to turn to a divorce mediator for a smoother experience. From spousal support to child support and the division of marital property, there are a number of topics that married couples may have to discuss and it is important for you to have a comprehensive understanding of your different options.
If you are struggling with any of the legal matters that married couples may encounter when going through divorce, it is important to understand that this piece does not serve as a substitute for legal recommendations.