My divorce settlement in 2014 states that I receive monthly alimony payments. I received payments in 2020. Do I have to pay taxes on alimony received?

[ColeenD3]

Yes.

Alimony (spousal support) you received should be reported as income if the divorce or separation agreement is executed by December 31, 2018.  Don't report child support.

Alimony payments resulting from agreements executed after 2018 no longer have to be reported due to the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017. The same holds true for agreements modified after 2018 if the new version specifically states that the TCJA treatment of nonreportable alimony payments now applies.

To report alimony you received:

1. Open (continue) your return in TurboTax.
2. Inside TurboTax, search for alimony received and then select the Jump to link in the search results.
3. Answer Yes to Did you receive alimony or spousal support? and follow the onscreen instructions.

Did you know?  If you are required to report alimony income, it's considered unearned, which means it doesn't count as earned income for the Earned Income Tax Credit (EITC). However, certain taxable alimony may meet the taxable compensation requirement to be able to contribute to a Traditional IRA

[Rumenator]

Yes

[DawnC]

Alimony (spousal support) you received should be reported as income if the divorce or separation agreement is executed by December 31, 2018.  Don't report child support.

Alimony payments resulting from agreements executed after 2018 no longer have to be reported due to the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017. The same holds true for agreements modified after 2018 if the new version specifically states that the TCJA treatment of nonreportable alimony payments now applies.

To report alimony you received:

1. Open (continue) your return in TurboTax.
2. Inside TurboTax, search for alimony received and then select the Jump to link in the search results.
3. Answer Yes to Did you receive alimony or spousal support? and follow the onscreen instructions.