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My name is ***** ***** My question is......are alimony

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Customer: My name is *****...
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: 1 year ago.Category: Tax
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Answered in 20 minutes by:
1/8/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

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

...

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

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year 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)

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year 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

...

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

...

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

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year 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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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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