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Tax Cut and Job Act TCJA
Posted February 3, 2020 by Matrimonial & Divorce
Unlike alimony child support has never been deductible, and it’s usually easier to calculate based on guidelines.
Go through attached forms
Limit on guidelines $3600*52=$190,000
Posted January 20, 2020 by Matrimonial & Divorce
Tax Cut Jobs Act TCJA, alimony deductions, New Jersey alimony
Tax Cut Jobs Act TCJA, caused a lot of problems last year and it also affected divorces drastically. It denied the deductibility of alimony and this caused a lot of problems. 2018 was an extremely busy year because most people getting a divorce wanted agreements signed prior to year end.
Some states may still allow alimony deductions, currently, New Jersey does not but may change
Projected to raise an additional $6.9 billion over the next 10 years
Changes alimony, divisor 1/3 to ¼,
Remember just because alimony is no longer deductible for divorces that are settled after 2018, alimony still deduction for those signed before 2019. Most people don’t realize that alimony has to meet certain requirements. And we’ve handled a few audits of alimony and the government is pretty strict in what is considered alimony.
Posted January 6, 2020 by Matrimonial & Divorce