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IRS Tax Tips July 31, 2023
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Issue Number:??Tax Tip 2023-97
*Tax considerations for people who are separating or divorcing*
When couples separate or divorce, the change in their relationship status affects their tax situation. The IRS considers a couple married for tax filing purposes until they get a final decree of divorce or separate maintenance.
*Update tax withholding
*When a taxpayer divorces or separates, they usually need to update their proper tax withholding by filing with their employer a new?Form W-4, Employee's Withholding Certificate [ [link removed] ]. If they receive alimony, they may have to make estimated tax payments. Taxpayers can figure out if they?re withholding the correct amount with the?Tax Withholding Estimator [ [link removed] ] on IRS.gov.__
*Tax treatment of alimony and separate maintenance*
* Amounts paid to a spouse or a former spouse under a divorce decree, a separate maintenance decree or a written separation agreement may be alimony or separate maintenance for federal tax purposes.
* Certain alimony or separate maintenance payments are deductible by the payer spouse, and the recipient spouse must include it in income.
*Rules related to dependent children and support
*Generally, the parent with custody of a child can claim that child on their tax return. If parents split custody fifty-fifty and aren't filing a joint return, they'll have to decide which parent claims the child. If the parents can?t agree, taxpayers should refer to the tie-breaker rules in Publication 504, Divorced or Separated Individuals [ [link removed] ]. Child support payments aren't deductible by the payer and aren't taxable to the payee.
Not all payments under a divorce or separation instrument ? including a divorce decree, a separate maintenance decree or a written separation agreement ? are alimony or separate maintenance. Alimony and separate maintenance doesn?t include:
* Child support
* Noncash property settlements ? whether in a lump-sum or installments
* Payments that are your spouse's part of community property income
* Payments to keep up the payer's property
* Use of the payer's property
* Voluntary payments
Child support is never deductible and isn't considered income. Additionally, if a divorce or separation instrument provides for alimony *and* child support and the payer spouse pays less than the total required, the payments apply to child support first. Only the remaining amount is considered alimony.
*Report property transfers, if needed
*Usually, if a taxpayer transfers property to their spouse or former spouse because of a divorce, there?s no recognized gain or loss on the transfer. People may have to report the transaction on a gift tax return.
*More information:
*Topic No. 452 Alimony and Separate Maintenance [ [link removed] ]
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