Hey, side thing BBJ. My Reds and your Cardinals are tied for first. I'm really enjoying baseball this year. What kind of friendly bet can we make over who wins the NL Central?
Me: 47, Ds 17-13, D final 6-11 http://tinyurl.com/yk4e2tz http://tiny.cc/thread2 http://tinyurl.com/ydtphqu http://tinyurl.com/thread4 http://tinyurl.com/3sm78k6 http://tinyurl.com/thread6
Ok, this is where I will get annoyed...based on a simple tabulation of all of our assets/liabilities, we were given the figure that he owes me.
Because he kept the cattle, farm equipment, retirement, etc etc he wound up with more assests, hence him paying me and not the other way around.
He is CHOOSING to liquidate retirement...I stipulated in the decree that I waived my right to his retirement assets. However he would rather empty his 401k than sell of cattle, tractors, manure spreaders, or his truck, car, or trailers. So since he is choosing the retirement, I better not get screwed...
I agree. It depends on where those funds are coming from as to whether or not you have to pay taxes. I do know that on my alimony I have to pay taxes but not on my child support. I won't get my half of his pension until he is of retirement age but at least that keeps me from spending it!
Do some checking.
kat
Me-53(and learning!) S24, S21, D18, D17 Just keep swimming, Just keep swimming. Dory
alimony is taxable child support is not... no matter where it comes from.
I am not sure about your settlement BBJ. He owes you... he is choosing to take it from his 401K, he should be liable for all the taxes incurred. But shoulda woulda coulda... you better talk to a tax professional about it.
Me 54 DS19 and DS17 Married 06/1989 Divorced 01/2011
Thanks, guys. I knew about alimony/child support, which reminds me I need to put more $$ in savings so I can pay those taxes next year!
However, I just re-read our decree (yup I keep it at work!)...
It specifically states that I have relinquished any/all rights to any of his retirement assets, and vice versa. The settlement is listed strictly as "Property Settlement"...
Do you ask an accountant about these things, or a lawyer?
Updates: (I hate thumb-twiddling! Used to be so slow to act but trying to change! )
Doc appt at 11:30
Called and left vm at my attorneys asking for a referral to a good accountant/tax prep firm/group. Also did a quick google search and found one in Council Bluffs that looks good and conveniently has a small branch right here in town. The sooner I know my financial obligations the sooner I can stop worrying and start acting!
Hopefully the fact that I pay all child care and kids' medical bills, plus now my own insurance premiums, will help offset some of the tax issues stemming from alimony. Plus I get to claim all mortgage interest paid myself this year. Woo to the hoo!
I would think an accountant. I just got less money back on my refund since it was a full year that he had paid me alimony. good Idea to either save some back or have more taken out of each check to offset it. Get with an accountant as soon as you get it and before you do anything with it!
kat
Me-53(and learning!) S24, S21, D18, D17 Just keep swimming, Just keep swimming. Dory
As far as I know, money he pays you as part of division of assets is a non-taxable transaction on your part. You should not care whether he gets the money from robbing a bank, prostituting himself, dipping into his 401K, refinancing his house, selling cows, selling his plasma, etc...
As far as I know, money he pays you as part of division of assets is a non-taxable transaction on your part. You should not care whether he gets the money from robbing a bank, prostituting himself, dipping into his 401K, refinancing his house, selling cows, selling his plasma, etc...
THIS is how I feel about it, Kerry! I don't care where it comes from, I just better not get penalized bc he chooses retirement over robbery...
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