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Divorce and Family Law Attorney

50 Northcrest Drive, Council Bluffs, Iowa 51503

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Alimony & Tax Consequences

By Feb 17, 2021 Posted in Articles

            Pursuant to the Tax Cut & Jobs Act of 2017, beginning in January of 2019, any Decree of Dissolution of Marriage entered after January 1, 2019, where alimony is awarded to a party, the party receiving the alimony was no longer required to claim the alimony as income and the person paying the alimony was no longer eligible to deduct the alimony from his/her income.

            The Biden Administration could change this legislation to revert back to the old structure. Consequently, this could affect your strategy on filing for divorce and/or finalizing a divorce if alimony is at play. It is important to speak with a family law attorney to understand the upcoming changes to the tax laws and the impact on your divorce proceeding. Should you require additional information on this topic, please feel free to contact Simpson Legal Group, LLC at (712) 256-9899.

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50 Northcrest Drive, Council Bluffs, Iowa 51503
Phone: 712.256.9899

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