By: Christina Pashou, Esq. Division of assets during divorce may also include the division of tax-sheltered retirement accounts (IRA’s, and 401K’s) and pensions. While many have concerns that the transfer of retirement funds pursuant to a divorce will result in taxes and penalties being incurred upon division of the accounts, if the account is divided…
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Filing tax returns and head of household status
Prior to your divorce becoming final, parties to a pending divorce are still considered married in the eyes of the IRS. Therefore, a divorcing couple has two options with respect to filing their income tax returns: 1) the parties can agree to file joint income tax returns; or 2) the parties must file their income…
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Tax Planning in a Massachusetts Divorce
The beginning of the year is when many think about taxes, but failing to consider tax consequences while negotiating a divorce settlement can be costly. What is involved in Tax Planning in a Massachusetts Divorce? Alimony and Child Support Alimony is deductible to the spouse who pays it, however, the IRS considers it income for…
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Tax Consequences in Divorce: Child Support v. Alimony
Now that the holidays are over, we are all starting to think about filing our 2014 income tax returns. Before filing your returns, it is important to communicate with your accountant regarding certain Probate and Family Court orders that may impact your filing. There are Tax Consequences in Divorce. For instance, you should be sure…
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