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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10121
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My name is ***** ***** My question is......are alimony

Customer Question

Customer: My name is ***** ***** My question is......are alimony payments subject to medicare tax?
JA: Thanks. Can you give me any more details about your issue?
Customer: I am paying my wife a fixed amount after tax.......i need to know what taxes will be levied against the monthly payment
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Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi,

...

Hi- I hold a JD (JurisDoctorate, a doctoral degree in the law), concentration in Tax Law & Corporate aw,an MBA (specialization in finance & tax), and BBA from Mercer University’s Stetson School of Business and Economics, as well as CFP® and CRPS designations. ... I can help here

...

I can help here

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NO alimony payments are deductible to the payor (person making the payments) ... and taxable to the person receiving, but not subject to medicare or social security taxes

Expert:  Lane replied 11 months ago.

Report alimony received on the 1040 – Income Section, line 11.

...

Report alimony paid on the 1040 – Adjustments Section screen, line 31(a) with the recipient's social security number on line 31(b)

Expert:  Lane replied 11 months ago.

So, no Social Security or Medicare tax at all ... and it's income (added in with whatever other income the RECEIVER has) and a deduction (subtracted as an adjustment) for the payer

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Hopethis has helped...Let me know if you have questions.

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If this HAS helped, (and you don’t have additional questions on this),I'd really appreciate your positive rating …(by using the stars on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

...

Thank you,

Lane

Expert:  Lane replied 11 months ago.

Hi,

I’m just checking back in to see how things are going.

Did my answer help?

Let me know…

Thanks

Lane

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