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How much payment may be deducted as alimony by Joan

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Reference no: EM132705615

Problem - Answer the following questions:

Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $700 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $450 per month.

1. How much of each $700 payment may be deducted as alimony by Joan?

2. How much of each $700 payment must be included in Bill's taxable income?

3. How much would be deductible/included if the divorce agreement were dated 2019?

Reference no: EM132705615

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