What you should do
When getting divorced, make sure you consider the implications for filing taxes after the divorce when setting up your settlement. These range from who gets to claim the kids to how divorce payments are treated for tax purposes. Plus, you have to stay up to date on changing laws. For example, alimony payments were deductible for the payor and taxable to the recipient, but that is scheduled to change in 2019.
In addition, if you change your name because of the divorce, make sure your new name is registered with the Social Security Administration. File Form SS-5 with the SSA to update your name so your return won’t be rejected.
2 thoughts on “9 Events When Your Taxes Drastically Change”
Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job
It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.