Anonymous wrote:

Anonymous wrote:I'm surprised Trump let that go through considering how much alimony he must pay.

Why would Trump pay alimony??? He's kept all his kids. Hasn't he?

Alimony and child support are two different things. Alimony goes to the spouse as 'spousal support' so they can start their own households. Child supports goes for upkeep of the children.

As for your question, T had nothing to do with Tiffany - she and her mom lived in California from the time she was six and he rarely saw her until the election cycle (even though she went to PENN).

Anonymous wrote:Fools on here !!!
The law is not retroactive, so all existing divorce settlements remain as-is (the payor takes the deduction).

As to new divorce settlements, the tax will be factored into the settlement. The payor will pay much less. Keep in mind alimony in general is a very rare thing these days, and even then it’s usually limited to a very short timeframe.

100% wrong. Do not listen to this idiot.

Anonymous wrote:I'm surprised Trump let that go through considering how much alimony he must pay.

Why would Trump pay alimony??? He's kept all his kids. Hasn't he?

Anonymous wrote:Fools on here !!!
The law is not retroactive, so all existing divorce settlements remain as-is (the payor takes the deduction).

As to new divorce settlements, the tax will be factored into the settlement. The payor will pay much less. Keep in mind alimony in general is a very rare thing these days, and even then it’s usually limited to a very short timeframe.

Are you the tax guy on the other thread who is too busy to do his own laundry or cooking, that’s has to have his AP do it for him?

Divorce shouldn't be a reward. Tax Breaks should go to married couples with children. These are to be promoted.

Fools on here !!!
The law is not retroactive, so all existing divorce settlements remain as-is (the payor takes the deduction).

As to new divorce settlements, the tax will be factored into the settlement. The payor will pay much less. Keep in mind alimony in general is a very rare thing these days, and even then it’s usually limited to a very short timeframe.

Anonymous wrote:This tax bill is about as anti-family as it gets. We are currently engaged. We will see a much bigger tax bill after we get married later this year (I make $130K, DW makes $150K).

LOL, you don't know much about this new tax bill and marriage.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This tax bill is about as anti-family as it gets. We are currently engaged. We will see a much bigger tax bill after we get married later this year (I make $130K, DW makes $150K).

Umm, the marriage tax went away at your income levels with this new tax bill. Under the old tax bill, yes, you would get a big marriage tax penalty.

SALT deduction is limited to $10K, regardless if single or married. If married, you only get $5K per spouse. That's a big hit.

Same with AMT exclusion - $70K for single, only $105K for married couple.

The AMT exclusion is now higher than it was under the 2017 tax law. For 2017, the AMT exclusion is $54,300 for singles and only $84,500 for married couples.

You also missed the AMT exemption phase out piece - The tax overhaul increases the exemption phaseout level -- which is the income level above which you gradually lose your income exemption, until it disappears completely. The phaseout levels were raised to $1 million for joint filers, up from $160,900; and to $500,000 for individuals, up from $120,700.

So a lot of households making between $200,000 and $1 million will now get to take full advantage of the exemption levels, whereas before they could not.

Anonymous wrote:

Anonymous wrote:This tax bill is about as anti-family as it gets. We are currently engaged. We will see a much bigger tax bill after we get married later this year (I make $130K, DW makes $150K).

Umm, the marriage tax went away at your income levels with this new tax bill. Under the old tax bill, yes, you would get a big marriage tax penalty.

SALT deduction is limited to $10K, regardless if single or married. If married, you only get $5K per spouse. That's a big hit.

Same with AMT exclusion - $70K for single, only $105K for married couple.

Anonymous wrote:I'm surprised Trump let that go through considering how much alimony he must pay.

It will all work out in the calculations. When my husband's alimony and most of the child support was terminated they looked at the taxes and other things (i.e. since we were married and I worked, he was put into a higher tax bracket) for the remaining one on child support.

Anonymous wrote:This tax bill is about as anti-family as it gets. We are currently engaged. We will see a much bigger tax bill after we get married later this year (I make $130K, DW makes $150K).

Umm, the marriage tax went away at your income levels with this new tax bill. Under the old tax bill, yes, you would get a big marriage tax penalty.

I'm surprised Trump let that go through considering how much alimony he must pay.

This tax bill is about as anti-family as it gets. We are currently engaged. We will see a much bigger tax bill after we get married later this year (I make $130K, DW makes $150K).

Really sucks as they are taxed on child support too but it will be part of the alimony/child support formulas so it may suck more for the spouse receiving the money as they may get less if the payer is paying more in taxes.