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Taxes

Divorce Tax Tips: 5 Most Common Divorce Tax Questions in Nebraska

March 13, 2024 / , , ,
Do I have to pay income tax when my ex-spouse and I transfer property or pay a property settlement per the terms of our divorce decree? No.  The transfer of property (or payment of a property settlement payment) pursuant to a divorce decree is not taxable.  However, you’ll want to keep in mind the future tax consequences of a subsequent sale, withdrawal, or transfer of assets that you received in a property settlement. Does the payment or receipt of child support impact my taxes? No.  Child support is not taxed as income to the parent who receives it nor deductible
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CARES Act Stimulus Checks Update: April 14, 2020

April 14, 2020 /
Timing of Stimulus Checks The IRS has just announced that a significant disbursement of CARES Act stimulus checks will be paid starting the week of April 12, 2020. This round of payments will include over 80 million Americans, including nearly all 2018 and 2019 tax filers who utilized direct deposit for refunds from the IRS. The online banking software for many financial institutions will reflect pending deposits for these stimulus checks starting a few days before they are deposited. Other individuals entitled to stimulus payments should receive physical checks within the next six to eight weeks. IRS Portal Update The
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Filing Taxes During Divorce

March 20, 2018 /
As April 15th creeps closer, spouses often have questions and concerns about how to file their taxes both during divorce and after. What filing status should I report on my taxes? Who gets to claim our marital deductions this year? How is our tax refund divided? Here are some answers to tax questions commonly asked by spouses going through divorce. Which Marital Status May I Choose? Whether you may file as single or married is determined by your marital status on December 31st of the tax year. For example, if your divorce becomes final on October 1, 2018, you may
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What is the Tax Dependency Exemption and Who Should Get It?

October 31, 2017 / , ,
The federal government allows taxpayers to exclude from their income an exemption amount for each person who is a dependent of the taxpayer for that taxable year. You can claim a tax dependency exemption if you are a parent who provides support to a dependent minor child. But what happens after divorce when you no longer file joint returns? In Nebraska, the tax dependency exemption is considered an economic benefit similar to an award of child support or alimony. If the parents do not agree how the exemption should be allocated, the judge hearing the divorce case has the power
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Updated Status: Loved

April 7, 2016 /
It’s tax time. Time for the annual review of my status. Time to once again remember that I am not married. There are a lot of boxes to check in life. At my doctor’s office. On my Facebook page. For my financial advisor.  After ruling out the “Married” option and while choosing from among “Divorced,” “Widowed,” and “Single” I always wonder why “All of the above” isn’t a choice. My ego has driven much of my desire to keep a tight grip on a status that impressed. When as a young lawyer I met someone for the first time, I
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