Question
On June 15, 2020, Sandra and Jerry Groom sign a separation agreement that calls for Sandra to pay Jerry $1,500 per month in child support
On June 15, 2020, Sandra and Jerry Groom sign a separation agreement that calls for Sandra to pay Jerry $1,500 per month in child support (Jerry will have custody of their five children) and $2,500 per month in spousal support beginning July 1. During 2020, Sandra pays support for only three months. How will the total support paid of $12,000 be dealt with in Sandra and Jerry’s 2020 tax returns?
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In general child support payments are not tax deductible for the payer and are not taxable income fo...
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Financial Markets And Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
7th Edition
013213683X, 978-0132136839
