Ted earned $100,000 during the current year. He paid Aprill, his former wife, $40,000 in alimony. The $40,000 ?

Published by: jack 2010-03-19

payment reduces Ted's AGI and increases April's AGI. True or false any help

It's an adjustment for Ted on line 31a of his 1040, reducing his AGI, and is income to April on line 11.

Line 31a on form 1040

currently alimony or child support is not reducable to Ted's AGI
alimony is taxable to April his former wife
see PUB 504 irs for divorced or separated persons

Alimony, separate maintenance, and similar payments from your spouse or former spouse are taxable to you in the year received. The amount is reported on Form 1040 (PDF). You cannot use Form 1040A (PDF) or Form 1040EZ (PDF).Refer to Tax Topic 406, Alimony Received, or Publication 504, Divorced or Separated Individuals. Are child support payments considered taxable income?

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No. Child support payments are neither deductible by the payor nor taxable to the payee. When you total your gross income to see if you are required to file a tax return, do not include child support payments received. For additional information, refer to Tax Topic 422
Nontaxable Income, or Publication 504, Divorced or Separated Individuals.

True