Elder Law, Family Law, and Estate Planning in Hackensack, New Jersey

This is the second and final post on the effects of the Tax Cut and Jobs Act (TCJA) on divorce settlements. The previous post examined changes to alimony or spousal maintenance or support, the elimination of the individual mandate under the Affordable Care Act (ACA), and the doubling of the child tax credit and expansion to include adjusted gross incomes under $200,000 for individuals and $400,000 for married couples. This post will examine the so-called “kiddie tax” and how those changes impact divorce settlement                          But first, a disclaimer. The Giro Law Firm does not provide tax, legal, or accounting advice on this blog. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. You can als...