Alimony deduction — does it include court-ordered life insurance?
filed in finance on Feb.01, 2010
Alimony deduction — does it include court-ordered life insurance?
If there is a court order that a person pay for a life insurance policy with the ex-spouse as beneficiary, do the payments for the life insurance count as alimony for deduction purposes?
February 1st, 2010 on 1:11 am
Yes it is alimony and you can deduct this."Life insurance premiums. Alimony includes premiums you must pay under your divorce or separation instrument for insurance on your life to the extent your spouse owns the policy." Source: IRS publication 17: Your Individual Income Tax.
February 1st, 2010 on 1:11 am
I dont know about the deduction part but it is very common for a judge to require that the ex-spouse have life insurance payable to the other spouse in event of death.
February 1st, 2010 on 1:11 am
No.. I don't think any judge would order a person to pay life insurance and make him the beneficary. In some states you must carry insurance of this type for children, which can be court ordered, to continue paying and not drop the insurance.
February 1st, 2010 on 1:11 am
l think so Source(s): check on divorce net on the web