What is the name of your state (only U.S. law)? CT
I am recently divorced and after mediating our separation agreement we agreed that I would pay 55% of my total gross income in alimony. I made my first payment in January and have another one coming up at the beginning of February. My question is this; I have to pay her off of my gross income, but my take home pay is obviously net of taxes and other deductions. I know that that alimony payment is tax deductible to me, but the gross number that I have to pay almost equals my net take home pay...within $300. Do I have to wait until April 2013 to take that deduction and get money back from the government? How am I supposed to live month to month if I have to pay her all of my wages. How do others do this? Any help would be greatly appreciated.
I am recently divorced and after mediating our separation agreement we agreed that I would pay 55% of my total gross income in alimony. I made my first payment in January and have another one coming up at the beginning of February. My question is this; I have to pay her off of my gross income, but my take home pay is obviously net of taxes and other deductions. I know that that alimony payment is tax deductible to me, but the gross number that I have to pay almost equals my net take home pay...within $300. Do I have to wait until April 2013 to take that deduction and get money back from the government? How am I supposed to live month to month if I have to pay her all of my wages. How do others do this? Any help would be greatly appreciated.