jose and roberta were divorced in 2019. Jose is required to pay alimony of $35000 per...
jose and roberta were divorced in 2019. Jose is required to pay alimony of $35000 per year to roberta. Are any of the payments by jose tax deductible
Homework Answers
The new law eliminates the deduction for alimony payments. Recipients of affected alimony payments will no longer have to include them in taxable income. This TCJA treatment of alimony payments will apply to payments that are required under divorce or separation instruments.
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jose and roberta were divorced in 2019. Jose is required to pay
alimony of $35000 per...
Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony...
Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year, Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "o". Deductible by Includable by Details payor recipient The payments are made in 2017 as part of a divorce decree executed in 2016. b. The payments are...
Evelyn and Robert Beaudreau finalized their divorced on January 2, 2019. During the current year, Evelyn...
Evelyn and Robert Beaudreau finalized their divorced on January 2, 2019. During the current year, Evelyn will receive $28,120 in alimony payments and $46,000 in child support. In addition, she will earn $38,880 at her job and her AGI will be $68,000. Assuming Evelyn is an active participant in the company plan, what is the maximum deductible contribution she can make to her IRA? $0 $848 $2,200 $6,000
For 2019, which one of the following is a requirement for deductible alimony payments (assume divorce...
For 2019, which one of the following is a requirement for deductible alimony payments (assume divorce was in 2015)? 1. The divorce decree must state that the payments are includible by the payee. 2. The payee must file a joint income tax return with the payor at the end of the calendar year. 3. The payments cannot extend beyond the death of the payee spouse. 4. The divorce decree must state that the payments are deductible by the payor. 5....
Question 3 4 pts John and Mary were divorced last year (2017). The divorce decree provides...
Question 3 4 pts John and Mary were divorced last year (2017). The divorce decree provides that John pay alimony of $10,000 per year, to be reduced by 20 percent on their child's 18thbirthday. During the current year (2018), the $10,000 was paid in the following way: John paid $7,000 directly to Mary and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as income in Mary's 2018 income tax return? O $8,600 O...
Henry, single and age 42, was divorced on July 1, 2019. He cannot claim any children...
Henry, single and age 42, was divorced on July 1, 2019. He cannot claim any children as dependents. He had the following items of income and expense for the 2020 tax year. Wages: $70,000 Taxable interest: $1,000 Inheritance received: $50,000 Alimony paid: $10,000 Child support paid: $8,000 Federal taxes paid: $5,000 What is his taxable income (Line 15)?
Mr. and Mrs. Melrose recently divorced. Under the terms of the divorce decree, Mr. Melrose transferred...
Mr. and Mrs. Melrose recently divorced. Under the terms of the divorce decree, Mr. Melrose transferred to Mrs. Melrose his one-half interest in their former personal residence. The home was valued at $350,000 and had a tax basis of $275,000. He is also required to pay $1,500 per month to his ex-wife, of which $1,000 represents child support for their 7-year old son and $500 is alimony. He transferred the residence in August of the current year and made each...
On December 27, 2019, Roberta purchased four tickets to a charity ball sponsored by the city of San Diego for the benefi...
On December 27, 2019, Roberta purchased four tickets to a charity ball sponsored by the city of San Diego for the benefit of underprivileged children. Each ticket cost $200 and had a fair market value of $35. On the same day as the purchase, Roberta gave the tickets to the minister of her church for personal use by his family. At the time of the gift of the tickets, Roberta pledged $4,000 to the building fund of her church. The...
a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $4,160 a...
a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $4,160 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $2,912 per month. 1. How much of each $4,160 payment may be deducted as alimony by Joan? 4,160 ) 2. How much of each $4,160 payment must be included in Bill's taxable income? 3. How much would be deductible/included if the divorce agreement were dated 2019?...
Casper and Cecile divorced in 2018. As part of the divorce settlement, Casper transferred stock to...
Casper and Cecile divorced in 2018. As part of the divorce settlement, Casper transferred stock to Cecile. Casper purchased the stock for $185,000, and it had a market value of $296,000 on the date of the transfer. Cecile sold the stock for $259,000 a month after receiving it. In addition Casper is required to pay Cecile $9,250 a month in alimony. He made five payments to her during the year. What are the tax consequences for Casper and Cecile regarding...
Frank legally divorced his wife last year. His ex-wife has joint ownership of their home and...
Frank legally divorced his wife last year. His ex-wife has joint ownership of their home and sole custody of their two children. As part of the divorce decree (dated June 1, 2018), Frank was ordered to continue to pay the full mortgage payments as well as cash payments to his ex-wife. Frank was also ordered to pay child support for the children. Frank pays the following amounts: • Alimony in the amount of $1,300 cash per month • Mortgage payments...
Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year, Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "o". Deductible by Includable by Details payor recipient The payments are made in 2017 as part of a divorce decree executed in 2016. b. The payments are...
Question 3 4 pts John and Mary were divorced last year (2017). The divorce decree provides that John pay alimony of $10,000 per year, to be reduced by 20 percent on their child's 18thbirthday. During the current year (2018), the $10,000 was paid in the following way: John paid $7,000 directly to Mary and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as income in Mary's 2018 income tax return? O $8,600 O...
a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $4,160 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $2,912 per month. 1. How much of each $4,160 payment may be deducted as alimony by Joan? 4,160 ) 2. How much of each $4,160 payment must be included in Bill's taxable income? 3. How much would be deductible/included if the divorce agreement were dated 2019?...
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