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Tax Tips For Divorced Individuals

Individuals who recently got divorced or who are getting divorced need to consider not only the legal effects of the divorce but also the tax effects. The divorce may or may not impact your personal situation. Below are a couple key points to look out for regarding your taxes and a divorce:

• Child support payments are not deductible if you are paying them and on the other side, the payments are not taxable income if you are receiving them.
• Alimony payments under a divorce or separation decree can be deducted.
• If you receive alimony payments those payments need to be claimed as income by the recipient.
• Remember to report any name changes to the Social Security Administration (SSA.gov).

Please consult your tax advisor on all the above information.

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