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Tax Deduction Consulting: Alimony Las Cruces NM

Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.

H&R Block
(575) 524-0370
1300 EL PASEO STE K
LAS CRUCES, NM

Data Provided by:
Max Leach (RFC®), CLU, RFP
(505) 344-2255
10308 Candelaria NE #345
Albuquerque, NM
Qualifications
Education: BS
Years of Experience: 16
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, BuySell, LiabCover, Compensation Plans

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Liberty Tax Service
(866) 871-1040
1112 San Pedro Dr Ne
Albuquerque, NM

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R P Tax Svc
(505) 866-6077
3378 Hwy 47
Los Lunas, NM

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Liberty Tax Service
(866) 871-1040
2617 N White Sands Blvd # E
Alamogordo, NM

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Zia Tax Svc
(575) 541-6171
1125 N Solano Dr
Las Cruces, NM

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Mrs. Natalie Voskresensky (RFC®), MBA
(505) 858-2443
2 Juniper Hill Rd NE
Albuquerque, NM
Company
PLAN RIGHT, LLC
Qualifications
Education: MBA, Accounting Concentration
Years of Experience: 13
Membership
IARFC
Services
Invoice, Business Planning, personal Coach, Retirement Planning, Tax Returns, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Auto Home Insurance, Asset Protection, LiabCover

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Electronic Transmissions
(505) 301-8932
2633 Bridge Boulevard Southwest
Albuquerque, NM
Hours
Sun 07:00 AM-06:00 PM;Mon 07:00 AM-05:00 PM;Tue 07:00 AM-05:00 PM;Wed 07:00 AM-05:00 PM;Thu 07:00 AM

Data Provided by:
Liberty Tax Service
(866) 871-1040
1009 Golf Course Rd Se # 104
Albuquerque, NM

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Profit Minders
(505) 294-1982
1435 Wyoming Blvd NE
Albuquerque, NM

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Tax Deduction Consulting: Alimony

Alimony Tax Deduction

Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.

Alimony Tax Deduction

According to the IRS, alimony payments are taxable to the recipient in the year received.In turn, the person paying the alimony can claim a deduction for the payments if the following tests are met:

  • You and your spouse or former spouse do not file a joint return with each other,
  • You pay in cash (including checks or money orders),
  • The divorce or separation instrument does not say that the payment is not alimony,
  • If legally separated under a decree of divorce or separate maintenance, you and your former spouse are not members of the same household when you make the payment,
  • You have no liability to make any payment (in cash or property) after the death of your spouse or former spouse; and
  • Your payment is not treated as child support.

If you are receiving or paying alimony, you must use Form 1040 for your personal taxes. Regardless of income levels, deductions or miscellaneous tax issues, you cannot use Form 1040A or Form 1040EZ.

In preparing your tax return, the person receiving alimony will report the information on line 11 of Form 1040. That person must also provide their social security number to their former spouse or face a fine of $50. The p...

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