entering nontaxable income

[slk7]

I received a maintenance buyout in 2024, am I required to enter the nontaxable income of my return? Would this nontaxable income be considered in Homestead Credit?

[AmyC]

1. It depends. If your divorce was 2019 or later, it is not taxable income - you do not report it on the federal or state as income to be taxed.

2. Which state are you in? The chances are high that it is other household income. Reply with the state and we can tell you for sure.

[slk7]

Thank you for your initial input. Divorce was in October 2024. I live in Wisconsin.

Also, my ex and I will be filing single for our 2024 taxes. How do we manage entering each of our portions of Interest and dividends from savings and investment accounts  on the 1099 for the first nine months of 2024 of which we were married?

[AmyC]

1. WI does offer a homestead credit for lower income individuals, The Homestead credit is filed on Schedule H which includes nontaxable income on line 9.

2. For the interest and dividends, check your legal paperwork, Often, it shows who can claim what related to which accounts and the current owner. If there is still a dispute, it may be necessary to modify the divorce agreement. Each should enter whatever is agreed to and have it in writing.