John and Jane finalized their divorce in January 2018. Which of the following transfers received as part of the divorce settlement are tax exempt? (Select all that apply.)
Child support received
Property settlement received

Respuesta :

Receive a child support

Receive a property settlement

How much is child support from the Illinois?

Child support guidelines are 20% for 1 child, 28% for 2 children, 32% for 3 children and 40% for 4 or more children. This percentage is applied to net income. Net income usually means gross income from all sources and means that federal income tax, FICA, Medicare, and Illinois income tax are not properly calculated.

What is a Settlement Property?

Property Settlement means an agreement between the parties to a divorce, annulment, annulment or separation proceedings that expressly agrees to the division of property rights and is incorporated into a final judgment. It was filed in court in connection with a divorce case.

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