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On March 1, 2012, Steve and Sherri Mossop sign a separation agreement that calls for Sherri to pay Steve $5,000 per month in child support

On March 1, 2012, Steve and Sherri Mossop sign a separation agreement that calls for Sherri to pay Steve $5,000 per month in child support (Steve will have custody of their five children) and $3,000 per month in spousal support. To the end of 2012, Sherris payments total only $60,000.

Required: Calculate how will these payments be dealt with in each of Sherri and Steves 2012 tax returns?

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