Is alimony taxable?

Answer by  Att4372 (1704)

To the PAYER, alimony reduces income. It's taken as an adjustment on the 1040 front page and reduces taxes. To the receiver, it is considered taxable income. Alimony is narrowly defined by the IRS and depends on individual state law. Some types of divorce payments are not alimony.

Answer by  cgroverla (516)

Alimony is taxable to the recipient and deductible for the payer. The payer includes the Social Security number of the recipient on his tax return.

Answer by  Ali41 (1593)

The person receiving alimony may be taxed on it. However, the person giving alimony will be able to tax a tax deduction.

Answer by  patti (29325)

Alimony or maintenance payments are reported as income on the federal and state income tax returns each year. As such, it is taxable. Child support received is not taxable, but child support paid is a deduction. Because of the complexity of the issue, it's a good idea to have a professional do your taxes.