Yes, spousal support payments are treated as income by the IRS and the State of New York, so you should anticipate a higher tax bill as a result of the award, while your former spouse can write off the payments they make to you.
You are still eligible for various deductions and exemptions, so it’s advisable to work with a tax advisor or financial planner as you look to your future after the divorce.
Our clients typically find that the added income is well worth the tax hassle as they get started fresh in life.
At Zelenitz, Shapiro & D’Agostino, we can help you get everything you deserve at the end of your marriage. Call us today at 718-523-1111 for a free consultation.
