Mon-Fri 5 a.m.-7 p.m. PT. Tax deductions are essential when it comes to the bottom line, so the alimony deduction was beneficial for financial purposes. filter: progid:DXImageTransform.Microsoft.gradient(startColorstr='#000988',endColorstr='#000764',GradientType=0); Tax Season 2022: Are My Alimony Payments Tax-Deductible? We'll discuss which of the three types of alimony in Michigan may be appropriate in your case. All Rights Reserved. Periodic support is common in cases where one spouse can be self-supporting, but not immediately. And while the purpose can vary greatly from couple to couple, in our experience it is primarily paid and/or received for two reasons. Hey Renee Receive your finances. The wife, who is 50 years old, has done some college courses. I resent all my other attorneys except Renee and her team. Spousal support is intended to ensure that both spouses can meet their financial obligations throughout and after the divorce process. Thus the alimony deduction was advantageous financially. On average the states/district get this case right. This amount is paid from pretax dollars, and is therefore tax deductible to the husband, and wife must claim it as income. /* Are There Alligators In Jackson Lake Georgia, Are Nunchucks Illegal In Ohio, Florida State Bowling Tournament 2022, Articles A