With tax season in full swing, you may be realizing the implications of asking for alimony during your divorce. If you are the recipient of alimony, you are likely to be taxed on the payments that you receive on a monthly basis. Under federal tax code, any alimony payments that you receive will be taxable to you only and your former spouse may receive a tax break for making the payments. Since there are no taxes withdrawn from alimony at the time of payment, you will need to make up for that by making regular payments to the IRS or having more money withdrawn from your paychecks.
While alimony is taxable to the recipient, child support payments are different. The person that receives child support will not be taxed while the person who pays cannot claim a tax deduction. If you pay or receive child support, it is important that you understand your rights and obligations under Florida law. If you want to become more informed, take the time to consult a Jacksonville family law attorney from our team. To arrange your initial consultation, contact Hutchinson Law today and you'll have the opportunity to meet with a lawyer from our practice one-on-one.