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February 2018 Archives

Alimony & Taxes

Alimony affected taxes in the past. Alimony has been a deduction from income when the payor files his/her income tax return. If the payor earned $100,000 in a year and paid $1,000 a month in alimony, his/her taxable income would be $88,000. The $12,000 per year alimony would be added to the recipient's income and he/she would pay taxes on the alimony received.

Taxes - Child Tax Credit

The Child Tax Credit came into existence with the 2018 Tax Cuts and Jobs Act. Taxes need to be considered when negotiating a divorce when there are children. Previously in divorces, parties considered who would claim the children as dependents on an income tax return. The Rhode Island Child Support Guidelines suggests that the custodial parent would claim the exemption.

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Law Office of Steven J. Hirsch, Esq

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100 Jefferson Boulevard Suite 315 Warwick, RI 02888 Phone: 401-287-2079 Fax: 401-352-0029 Warwick Law Office Map

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