Tax Rule - may be useful to CP/NCP

[Waylon]

Forwarded to me for general interest at tax time:

This could go in the thread for the 'tax rules for 2008', although this is not a new tax rule.
I have been claiming this for some time. in our 50/50 rotating situation we are both require to maintain a life insurance policy.

My tax preparer didn't believe me on this one, until I showed him the supporting literature.

For those required by their CO to maintain a life insurance policy with the other parent as the beneficiary for the policy (since the children cannot claim the benefits of the policy until 18 years of age). Payments made to maintain such a policy can be deducted as alimony on your taxes.

So...if you have been paying for a life insurance policy and not claiming this as alimony, you also have the option of filing a correction for preceding years taxes. However, this amount may be trivial.