Tax Implications of Spousal Maintenance
As tax time approaches, it is a great time to be thinking about any changes to your tax status that could impact your annual return. Changes in marital status, as well as child support payments or spousal maintenance have important tax implications. Spousal maintenance is the money paid from one spouse to another after a separation or divorce in an attempt to help the party that earns less maintain the same standard of living. These payments are considered alimony for tax purposes and must be reported by both the individual who made the payments as well as the individual who received the support.
