Federal Income Taxes
IT IS ORDERED AND DECREED that for the calendar year 2019, each party shall file an individual income tax return in accordance with the Internal Revenue Code as follows:
Federal Income Taxes
IT IS ORDERED AND DECREED that for the calendar year 2019, each party shall file an individual income tax return in accordance with the Internal Revenue Code as follows:
Treatment/Allocation of Community Income for Year of Divorce • Separate Returns
IT IS ORDERED AND DECREED that, for the calendar year 2019 each party shall file an individual income tax return in accordance with the Internal Revenue Code and report as the party’s income 50 percent of all pre divorce community income or loss attributable to the parties, all post divorce income attributable to the reporting party, and all the reporting party’s separate income during any part of the year. Each party shall take credit for 50 percent of all prior year overpayments, estimated tax payments, and withholdings occurring on or before July 31, 2019 and for 100 percent of the reporting party’s estimated tax payments and withholdings occurring after July 31, 2019 . The parties acknowledge that a proforma tax estimation thru July 15, 2019 was prepared by _______________, their CPA showing a tax liability of $____________ which has been paid. Any disputes with regard to the parties individual 2019 tax preparations, allocation of income and deductions and the manner of the filing of their individual 2019 returns shall be resolved by binding arbitration with ______________.
JOHN SMITH shall be responsible to the Internal Revenue Service for any and all tax reflected on his separate tax return for 2019. _______________ shall indemnify and hold _________________ harmless from the payment of any and all tax, deficiency, penalty and/or interest, if any, that may be due and owing to the United States Government relating to JOHN SMITH’s separate income tax return for 2019.
JANE DOE shall be responsible to the Internal Revenue Service for any and all tax reflected on her separate tax return for, 2019. JANE DOE shall indemnify and hold JOHN SMITH harmless from the payment of any and all tax, deficiency, penalty and/or interest, if any, that may be due and owing to the United States Government relating to JANE DOE’s separate income tax return for 2019.
JOHN SMITH shall be entitled to one hundred percent (100%} of any federal income tax refund resulting from the overpayment of taxes to the Internal Revenue Service arising out of the filing of his separate tax return for 2019.
JANE DOE shall be entitled to one hundred percent (100%} of any federal income tax refund resulting from the overpayment of taxes to the Internal Revenue Service arising out of the filing of her separate tax return for
2019.
Each party shall be responsible for, and liable for the costs of and the preparation of their respective separate federal income tax return for 2019.
The parties stipulate and agree that any dispute that arises between the parties regarding tax issues shall be resolved in binding arbitration with _______________, CPA. as the arbitrator.