How should I report Alimony Payment received on my tax return?|InfoTaxSquare.com
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Category : > Income Tax (Form 1040)
Posted On : Tue Oct 06th,2009
How should I report "Alimony Payment " received on my tax return?
Alimony Payment Reporting:
Alimony payments received from your spouse or former spouse are taxable to you in the year received. You have to enter the total amount received in respect of Alimony or separate maintenance. Alimony payments received from your spouse or former spouse are taxable to you in the year received. You must give the person who paid the alimony your social security number.
Do not include child support payments as alimony. If your decree or agreement calls for both alimony and child support and specifies amounts for each, only the alimony is taxable.
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