The tax rules for reporting alimony payments you made or received differ depending on when you got divorced. If you got divorced in 2019 or later, alimony doesn't affect your taxes. Payments you make are not tax deductible and alimony income isn't taxable. But most taxpayers who got divor...
The IRS uses your AGI and MAGI to determine whether you qualify for certain tax deductions or credits. If your AGI (or MAGI) is below certain thresholds, you may qualify for more tax deductions. Therefore, you may be wondering how you can reduce your AGI in order to cap...
Financial resources and earning capacity of both spouses:The court considers the current earnings as well as the future income potential of both spouses to determine the eligibility for, the duration, and the amount. Reason for divorce/separation:The court also considers the reason for divorce or ...
Child support or alimony Payments that don't factor into your back-end DTI: Groceries Utility bills Health insurance Gas or transportation Find help with a debt settlement company Click here to view interactive content How to calculate your debt-to-income ratio To determine your debt-to-income ...
These are the only deductions you can claim to calculate your AGI. The types of income adjustments can vary each tax year with some years offering more than others. However, adjustments typically include the deductible portion of self-employment tax payments you make, alimony that you ...
a title search fee, anappraisal fee, a recording fee, transfer taxes and other administrative costs. You cannegotiate some of these expenses, but know that lenders don’t determine the fees for most of these services. On the other hand, that may mean you can shop for these services, too...
of support was provided, withalimonypayments being tax deductible. However, under theTax Cuts and Jobs Act of 2017—whichmade many modifications to existing tax laws—that is no longer the case. This article explores the factors that determine how spousal support is classified and subsequently ...
Federal law does not require that a QDRO be in place in the case of a divorce settlement.2It is up to the parties involved to determine whether a QDRO should be drafted. A spouse with lower savings or no savings would have a strong incentive to make sure a QDRO is in place. ...
Step 2: Know what you can afford One way to determine how much house you can afford is to figure out yourdebt-to-income (DTI) ratio. The DTI ratio is calculated by summing up all of your monthly debt payments and dividing that figure by your gross monthly income. ...
A worker may be an independent contractor if you have the right to control or direct only the result of the work, not what will be done and how it will be done. If you control both what will be done and how it’s done, the worker is usually an employee. Determine if payroll deduct...