I'm negotiating spousal support in AZ and failed to factor in tax on the 'income,' will I really be taxed approx 25% on this?
Alimony is taxable to you, this would be one of those reasons to hire a competent professional.
Tax Lawyer
Practice Areas: Tax, Employee Benefits ... +3 more
Alimony is taxable to you, this would be one of those reasons to hire a competent professional.
It is income if not put back into a retirement account within the allowed time frame, 60 day rollover.
$5500 in a year $6500 if you are over 50, those are the limits per person not per IRA type.
Child support payments are not taxable to the parent receiving, nor deductible by the payer. This is different than alimony.
The IRS, may give rewards for turning something like that in depending on the amount. If you want to get out, then get out, breaking your lease may...
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You can try, but you will likely lose. You tax professional would seem to fall within what is reasonable.
Depends, this is likely to specific to your situation to give you any kind of answer on this forum. You need to consult a tax law professional.
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