The deadline date to file your income tax returns for 2017 is fast approaching. This is a reminder to our prior and current clients who pay or receive spousal support of the income tax consequences.
You should review your court order for spousal support and consult with your income tax preparer or attorney about your obligation to report the spousal support you received in 2017 as income, or if you can deduct your spousal support payments paid in 2017 from your other income.
It's important to note that spousal support is different from child support. Child support received is neither taxable as income nor deductible from your other income if you pay child support.
This insight into the law is provided by the attorneys at Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.
