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Did You Know...
Family Law Software can calculate child support guideline amounts in 21 states.
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Question: How can I enter an interest-bearing buyout or property settlement that will occur over a period of years?
Answer: Enter it in three pieces.
1. In the "Debts" topic, enter the buyout obligation as a debt incurred by the paying spouse. Print the amortization at the bottom of the screen.
2. In the "Non-Wage Income" topic, on a blank line for the recipient spouse, enter the debt payment principal as "other income." Click "more info" and enter each year's principal payment. Indicate that it is non-taxable income, if that is the case, by clicking the "Non tax" box.
3. On the next line, similarly enter each year's interest payment. Leave the "non-tax" box clear (un-checked), because interest income is taxable.