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melissa_key40
Level 2
June 4, 2019
Question

Divorce settlement

  • June 4, 2019
  • 3 replies
  • 8 views
I received $50,000.00 in a divorce settlement. Check was immediately deposited and $25,000.00 was used for the down payment of the purchase of a home.  The remaining was used for the payment of joint credit cards, etc. Do I have to claim the entire $50,000.00 as additional income?

3 replies

Lisa995
Alumni - Champ
Lisa995Alumni - Champ
Alumni - Champ
June 4, 2019
Generally settlements in divorce aren't taxable and aren't reported on the tax return.  
Was this money from a retirement account or something?  Were you issued some type of tax reporting document?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
M
melissa_key40Author
Level 2
June 4, 2019
No. This wasn't from a retirement account and nothing was issued. No tax reporting documents at all.
Lisa995
Alumni - Champ
Lisa995Alumni - Champ
Alumni - Champ
June 4, 2019

https://ttlc.intuit.com/replies/3387307

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
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