If I get a lump sum as a divorce settlement- do I have to pay taxes on it? › Forums › Financial Independence This topic is empty. Viewing 5 posts - 1 through 5 (of 5 total) Author Posts May 9, 2023 at 6:48 pm #81997 Reply USER I am in Texas. May 9, 2023 at 6:49 pm #81999 Reply Bill Not unless it’s something like you get half a 401k and then you withdraw the money. A divorce settlement itself isn’t taxable. May 9, 2023 at 6:50 pm #82000 Reply Cody In Texas, shouldn’t it be community property that you’re legally entitled to? So not income because it was already “yours”? May 9, 2023 at 6:50 pm #82001 Reply Brianna If it’s an alimony settlement you do. If it’s marital asset or child support you don’t. May 9, 2023 at 6:50 pm #82002 Reply Emily Everybody going through a divorce needs a financial professional (ideally who specializes in divorce) a lawyer, and a therapist. They each support in different ways. Second Saturday Divorce Workshops can be great resources in your local community. Author Posts Related Topics:How should a divorced mother invest a $1.2M lump sum wisely?Lump sum or installments for settlement: tax impact?Texas: Mortgage escrow error, unpaid taxes, fees. Recourse against lender?Who should claim kids on taxes after divorce for best financial aid impact?Is it worth hiring a lawyer for alimony after 20-year marriage in Texas?How should a beginner wisely use a $10k settlement? Viewing 5 posts - 1 through 5 (of 5 total) Reply To: If I get a lump sum as a divorce settlement- do I have to pay taxes on it? Your information: Name (required): Mail (will not be published) (required): Website: Submit Spread the love No related posts.
