WebDec 15, 2024 · Your deduction cannot be more than the amount of your earned income, as defined for federal tax purposes, from the business under which the insurance plan was established. Note: For federal purposes, you may be able to deduct amounts paid for health insurance for any child of yours who was under age 27 at the end of 2024. WebUnder the terms of a divorce agreement, Kim was to pay her husband Tom $3,000 per month in alimony and $2,000 per month in child support. For a twelve-month period, Kim can deduct from gross income (and Tom must include in gross income): a. $60,000. b. $36,000. c. $24,000. d. $0. e. None of the above. b. $36,000.
IRA Rules: Your 2024-2024 Cheat Sheet - NerdWallet
WebDec 1, 2024 · Alimony payers are also required to input the recipient's Social Security number on line 18b, and the date of the original divorce or separation agreement on line … WebWhen Congress passed the Tax Cuts and Jobs Act of late 2024, the reforms that were made in the tax code as it relates to alimony have changed how people going through divorce approach this topic. The tax law took effect on January 1, 2024 and has changed the tax brackets for those of you who have filed as head of household. Importantly it has also … flamingo and boulder highway
What Is Considered Earned Income for IRA Contributions?
WebApr 12, 2024 · The medical expense deduction can only be claimed to the extent that your unreimbursed costs exceed 7.5% of your adjusted gross income (AGI). If your total … WebNov 10, 2024 · For 2024, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of (1) $1,150 or (2) the sum of $400 and the... WebOct 6, 2024 · When you make payments as part of a divorce or separation agreement, the IRS considers it alimony or spousal support if it meets the following criteria: You were … flamingo and grand canyon