Spousal Support: 2019 Tax Modification
New law goes into effect January 1, 2019, which will change the spousal support dramatically.
Current law allows the obligated payer to deductions on his/her federal tax filing and taxable to the recipients, thereby reporting the support on their federal tax filing.
The new law allows the recipients to no longer have to include spousal support as income on their federal tax return and the payer no longer can deduct the spousal support on their federal tax return.
We will see how long this new law will last before it is rewritten and/or modified. This is a win/win for the recipients as to no longer needing to report on their tax return.
This article was written by aaadivbk