Two hands holding a hundred dollar bill symbolizing alimony and taxes

Is Alimony Taxable?

Second Saturday Team

Finances

If you’re considering a divorce from your spouse and have lopsided incomes, then alimony might be a part of your divorce settlement. Alimony, also known as spousal support, is a payment one ex-spouse makes to the other following a divorce. As you begin planning your post-divorce life, it’s crucial to understand the tax implications of these payments for both the payer and the recipient. This leads to the question: Is alimony taxable?

The answer to this question has changed significantly in just the past few years, so it’s very important that you have up-to-date information. (No one loves getting an angry letter from the IRS!) This article will provide an in-depth look at the current tax treatment of alimony at both the federal and state levels, discuss recent changes in tax laws, examine potential exceptions, and explore strategies for minimizing the tax impact of these payments.

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