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Your Divorce Date Impacts Tax Treatment of Alimony

Unfortunately many marriages end in divorce. Starting in 2019 under Federal law, any alimony payment made under a divorce agreement signed after Dec 31, 2018 will not be deductible by the ex-spouse. In addition under Federal law, any alimony payment received under a divorce agreement signed after Dec 31, 2018 will not be taxable to the ex-spouse.

All existing divorce agreements prior to January 1, 2019 will retain the Federal alimony tax deduction as well as taxability to ex-spouse.

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Richard Pon CPA, CFP