Domestic Diversions

The Social Security Administration’s new retirement estimator taps into your actual earnings history to provide more accurate estimates of benefits. It also allows for alternative future income scenarios. The estimator explains (excerpt): How the Retirement Estimator Works The Retirement Estimator…

The Recovery Rebates and Economic Stimulus for the American People Act (February 13, 2008) is the federal “rebate” program highlighted in the media recently. Who will receive rebate checks? 1. Americans who paid income taxes in 2007 will receive at…

US News & World Report helps potential retirees figure out their Social Security benefits with Emily Brandon’s article “Marriage and Social Security Benefits.” The article provides a good overview of the interplay between retirement benefits, spouse’s option to elect earnings…

The New York Times examines divorce and the corporate wife. Geraldine Fabrikant writes (excerpt): “Corporate spouses are less likely to be quiet and accepting of what is going on,” Mr. Nissenbaum said. “They are less willing to spend the next…

New tax laws challenge the conventional wisdom about where to invest retirement savings. When it comes to Uncle Sam’s cut of your nest egg, you can pay now or later. Even recent tax legislation hasn’t altered that. What have changed…

credit advice for spouses aniticipating divorce

10% penalty on early distributions from qualified retirement plans

remains deductible from the payer’s gross income and taxable to the recipient’s gross income in the year it is actually paid

Women are living longer and enjoying more active senior years than ever before. However, just as this door to unprecedented liesure time is opening up, the traditional means of funding retirement – social security and pension plans – are becoming less able to meet retiree’s needs. Women still have what it takes to do what is necessary.

If you’re a woman, chances are you face a tug-of-war of sorts when planning for retirement.

IRS may recharacterize the payment as child support

Roughly 90% of all women will end up managing their finances alone at some point in their lives. Unfortunately, the first time that many women become involved with some financial matters is during a crises, such as a spouse’s death or divorce. We’ve prepared a list of thought-provoking questions.

the three-year recapture rule

requirements for spousal support (alimony) to be taxable as income to the recipient and deductible to the payor

Property transfers between spouses in connection with a divorce creates no gain or loss and no additional income

the larger the benefit enjoyed by the petitioner, the less unfairness in paying something toward that benefit and the less likely the IRS will be sympathetic to the claim

If the parties are married as of December 31st, they may take advantage of their Married Filing Jointly tax status

exemptions for children of divorced parents

Head of Household filing status provides more favorable tax rates to an unmarried individual who maintains a household for certain dependents

marriage and money