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I have a client who is us born resident, had married a lady…

I have a client who...
I have a client who is us born resident, had married a lady from England, they are divorcing. He gets $300 a month from a bank from England but gets no tax reporting form from it. Is it taxable to him and where do I report it?
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Answered in 5 minutes by:
3/8/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,158
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello Janice,

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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Customer reply replied 1 month ago
ok

As a US tax payer your clients World Wide income is reported.

Are the funds taxable... Generally. Why is the client receiving the funds? Alimony? Pension?

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Customer reply replied 1 month ago
I believe it is alimony i'm not sure, the daughter says he has gotten it for three years but nothing like a 1099 comes in the mail. It might be part of her pension. It is something that England requires.
Customer reply replied 1 month ago
He is in his early 70's or very late 60

The client wouldn't receive a 1040 from the bank of England.

It sounds like the payments are either alimony or pension payments from his ex wife.

____

If the payments are alimony they are taxable and included on line 11 of the 1040.

If the payment is from his ex wife's pension, that is also taxable on line 16 of the 1040

___

Almost the only way the payment won't be taxable is if the payment is a gift or an inheritance.

Please let me know your follow up questions.

Thank you

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Customer reply replied 1 month ago
thank you

When you have no further questions please take a moment to accept the answer, a positive rating of 5 stars is much appreciated.

Have a great day.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,158
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
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Chad EA, CFP ®
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Category: Tax
Satisfied Customers: 2,158
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Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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