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Making Finances Simple. Changing Lives.

9/12/2013

Tax Updates On Same-Sex Marriage

This article is a follow up on our posting two months’ ago as the IRS has released some updates on taxes as it relates to same-sex marriages. Click here to view the previous article that includes initial DOMA (Defense Of Marriage Act) guidelines. Then read below to learn about the IRS’ most recent release on same-sex marriages.....

All legally married same-sex couples will be treated as married for federal tax purposes. This is the case whether or not the couple lives in a jurisdiction that recognizes same-sex marriage.

This ruling affects all federal taxes; including income taxes, estate and gift taxes, payroll taxes associated with employee spousal benefits, and more.

Now legally married same-sex couples must file as married filing jointly or married filing separately for the 2013 tax year. For earlier tax years still open by the statute of limitations (2010, 2011, and 2012), same-sex couples have the option to amend their tax returns to reflect a married status. The benefit of amending prior year returns should be assessed on a case-by-case basis as not all situations will yield an automatic advantage.

This updated IRS ruling allows legally married same-sex couples to take advantage of many federal benefits previously only open to opposite-sex married couples.

All same-sex married couples should assess the impact this will have on future years as it could increase their tax liability.

Contact us with any questions related to the recent DOMA updates...we’re here to help!


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