Alimony

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 3 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: January 2010
Accreditation: QAS, NASBA, IRS, CTEC
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - WHAT IS ALIMONY
Learning Objectives 1
What is Alimony
Invalid Decree
Amended Instrument
Deducting Alimony Paid
Reporting Alimony Received
Deducting Fees For Getting Alimony
Exemption For Spouse Not Allowed
Estimated Tax Payments May Be Required
Alimony And Community Income


Lesson 2 - GENERAL RULES
Learning Objectives 2
GENERAL RULES
Payments Not Alimony
Underpayment
Payments To A Third Party
Life Insurance Premiums
Payment For Jointly-Owned Home


Lesson 3 - INSTRUMENTS EXECUTED AFTER 1984
Learning Objectives 3
Instruments executed after 1984
Requirements after 1984
Substitute Payments
Child Support After 1984


Lesson 4 - RECAPTURE OF ALIMONY
Learning Objectives 4
Alimony Subject To Recapture
Figuring The Recapture
Including The Recapture In Income
Deducting The Recapture


Lesson 5 - INSTRUMENTS EXECUTED BEFORE 1985
Learning Objectives 5
Transfer Between Spouses
Medical Savings Accounts
Transfers To Third Party
Transfers In Trust
Reporting Property Income
Gift Tax
Gift Tax Return


Lesson 6 - ALIMONY TRUSTS, ANNUITIES, AND ENDOWMENT CONTRACTS
Learning Objectives 6
Alimony Trusts, Annuities, And Endowment Contracts
Annuity And Endowment Contracts


Lesson 7 - INDIVIDUAL RETIREMENT ARRANGEMENTS
Learning Objectives 7
Spousal IRA
IRA Transferred As Result Of A Divorce
IRA Contribution And Deduction Limits
QDRO

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:

  • Determine how to report alimony when community property is involved
  • Determine how to report estimated tax payments made by spouses that are now divorced or file separate returns

    • Pay particular attention to paragraphs marked by the Wiseguy.

    He'll guide you to key issues.


Lesson - 2
After completing Lesson 2, you will be able to:
  • Identify what payments under a divorce or separation instrument must be taxed as alimony
  • Determine which payments apply first to child support and then to alimony when a taxpayer pays less than the total required
  • Determine whether third party payments on behalf of a spouse are taxed as alimony

Lesson - 3
After completing Lesson 3, you will be able to:
  • Determine payments that qualify as alimony under a post-1984 divorce decree

Lesson - 4
After completing Lesson 4, you will be able to:
  • Determine the reasons for a reduction or termination of alimony payments that can require a recapture
  • Determine when to apply the recapture rules
  • Figure and report the recapture of alimony

Lesson - 5
After completing Lesson 5, you will be able to:
  • Determine whether gain or loss is recognized on a transfer of property between spouses

Lesson - 6
After completing Lesson 6, you will be able to:
  • Determine how to treat property a taxpayer transferred to a trust to pay alimony owed [Sec.682]
Lesson - 7
After completing Lesson 7, you will be able to:
  • Determine how the benefits paid under a qualified domestic relations order (QDRO) are taxed to the recipient