Tax Planning and Spousal Support Payments in an Iowa DivorceFederal taxes must be paid on Spousal Support in the year it is received. If taxes are not withheld, it is possible you will be required to pay taxes when filing quarterly returns. For those who pay Spousal Support under a divorce agreement, the payments may be deductible if certain requirements are met. Note that any payments you make to your spouse that are not required by agreement or decree, are not deductible as Spousal Support payments. You should always consult with a tax professional before agreeing to a settlement amount in your Marital Separation Agreement to ensure the most beneficial tax treatment possible. Source: IRS Tax Tip 2008-32 and IRS PUB 504 Divorced or Separated Individuals. |
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