TAX-AIDE Alimony Income Form 1040Line 11 Pub 4012Page E-3 Pub 4491Page 70.

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Presentation transcript:

TAX-AIDE Alimony Income Form 1040Line 11 Pub 4012Page E-3 Pub 4491Page 70

TAX-AIDE Alimony Received What is Alimony? ● Spousal support under separation or divorce instrument ● Usually stops if recipient remarries, may stop sooner ● Not subject to change based on factors such as age of a child Child/family support is NOT alimony NTTC Training Pub 4012 Pg E-3

TAX-AIDE The Interview ● Point of awareness NTTC Training

TAX-AIDE Alimony Received Where do I get alimony information? ● Intake Sheet Part III Question 6 ● Taxpayer needs to provide information of actual amount received in 2013 ● Look at prior year’s return NTTC Training

TAX-AIDE Alimony Received ● Not earned income for EIC ● Not earned income for child tax credit ● Not earned income for dependent care credit  But it IS “compensation” for IRA NTTC Training

TAX-AIDE Alimony Received ● Input directly on 1040 Line 11 ● If more than one source, can link to Scratch Pad NTTC Training

TAX-AIDE Alimony – Community Property State ● Special rule applies for alimony received in community property state from community income before divorce is finalized ● See Pub 555 NTTC Training

TAX-AIDE Quality Review Alimony Received ● Answer on Intake Sheet Q 6 yes? ● Did 2012 show alimony income? ● Confirm that it is required by divorce decree or separation instrument and is not child support NTTC Training

TAX-AIDE Quality Review Alimony Received ● Does taxpayer want to make an IRA contribution, if otherwise eligible? Retirement saving credit?  IRA – covered in Adjustments Lesson 19  Retirement saving credit – covered in Miscellaneous Credits Lesson 26 NTTC Training

TAX-AIDE Taxpayer Summary Alimony Received ● Alimony income can cause a balance due on return Increase withholding for 2014? Estimated tax payments for 2014? NTTC Training

TAX-AIDE Alimony Received Comments? Questions? NTTC Training