Question

You are the tax consultant for a spouse in a divorce proceeding. Please discuss and compare...

You are the tax consultant for a spouse in a divorce proceeding. Please discuss and compare alimony versus child support from a tax perspective for a pre-2019 divorce. Please discuss this issue from the perspective of the payor and from the recipient.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

There is an agreement between a payer spouse and recipient spouse known as Alimony which have the terms and condition regarding how one is going to pay. Alimony is deductible in the hands of the spouse who makes the payment and is to be reported as the income by recipient of the amount for the divorce or separations which were executed on or before December 31st, 2018. On the other side, payments by a person for the child support are nondeductible expense in the hands of payer spouse and are tax-free for the recipient spouse in case of pre-2019 divorce.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
As a tax consultant, you receive tax forms and financial reports from various companies. Following are...
As a tax consultant, you receive tax forms and financial reports from various companies. Following are independent cases in which you have to check the given numbers in bold and decide whether it is correct or not. If it is wrong, then you have to provide (a) the correct answer with detailed calculations and (b) explanations of your answers including the appropriate accounting treatment of the various transactions. B. ZMAN Company reported a taxable income of $400,000 for 2019. The...
1.) Which of the following is a taxable income? a. Alimony received in accordance with a...
1.) Which of the following is a taxable income? a. Alimony received in accordance with a divorce decree signed prior to dec 31,2018. No changes have been made to the agreement. b.Child support payments received in accordance with a divorce decree signed prior to Dec 31,2018. No changes have been made to the agreement. c. A non cash property settlement paid by a former spouse d. Payments made to maintain the taxpayer's primary residence, made by a former spouse who...
congratulations! You now have a child!(also, you have a dependent)what is your tax liability if you...
congratulations! You now have a child!(also, you have a dependent)what is your tax liability if you file jointly now ?Identify how this changes your calculations? Taxation practice question 4 : Please help me how to deduct dependent tax from the below problem: You meet that special person and get married!! amazingly your spouse has exactly the same income you do. $47810. If your tax status is now "Married - filing jointly? What is your tax liability? Your the same number...
For 2018 taxes (only answer if you know current tax law and exclusions for filing in...
For 2018 taxes (only answer if you know current tax law and exclusions for filing in 2019) Mel, a single taxpayer, received the following items in 2018. Dividends of $450, wages of $32,000, child support from his ex-spouse of $400 per month, a new telelvision worth $1200 from a door prize at a professional conference he attended., a gift of $3,000 from his parents, and $200 of interest on bonds issued by the State of Arizona. Mel put $4,000 of...
For answers submitted, I live in Albany, NY. I must follow NYS guidelines for all questions....
For answers submitted, I live in Albany, NY. I must follow NYS guidelines for all questions. If you have any questions, please do not hesitate to contact me. 11. An unmarried taxpayer itemized deductions in 20x1. The taxpayer's itemized deductions were $6,850; the standard deduction amount that year was $6,300. Included in the taxpayer's itemized deductions were $3,700 of state income tax withheld. In 20x2, the taxpayer receives an $800 refund check from the state government. What amount must the...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2016, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income—    City of Albuquerque general purpose bonds $1,000    Ford Motor company bonds 1,100    Ally Bank certificate of deposit 400 2,500 Child...
Subject: Human Resource Management Main question: Which benefit plans would you choose, and which wouldn't you...
Subject: Human Resource Management Main question: Which benefit plans would you choose, and which wouldn't you choose and give reasons why you would or would not want a benefit that were used in making the benefit selections (specially at at entry level making $30000). PROCEDURES: Assume that you recently graduated from college and are just starting a new job at a large firm. You will be receiving a starting net pay (net of all taxes and mandatory deductions) of $30,000....
Please read this scenario and job description carefully. You are involved in the prestigious but often...
Please read this scenario and job description carefully. You are involved in the prestigious but often challenging Google recruitment process. As part of this process you are required to respond to several questions and activities. All your answers must address the context of this scenario and the information given in the individual questions. Job description - Software development professional at Google There's no such thing as “a normal day" at Google. We work to create and maintain the safest operating...
read Seasons of Love chapter:measuring a child's life after suicide. please answer the questions : reflect...
read Seasons of Love chapter:measuring a child's life after suicide. please answer the questions : reflect on what happens to the families when there is a suicide in the family, based on the Seasons of Love chapter...how should people be told? What details are best left unshared? below is the story These theories may have a certain face-validity, but they often neglect environmental or contextual factors that are innate to answering the question of “why” a person might engage in...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT