New Tax Rules for Legally Married Same-Sex Couples

Scarsdale accountant Paul Herman has all the answers to your personal finance questions! The following new tax rules have been created to accommodate legally married same-sex couples:

The U.S. Supreme Court’s decision in the Edith Windsor Case, invalidating a key provision of the Defense of Marriage Act, raised many questions regarding the federal income tax rights and responsibilities of same-sex couples. New Marriage Tax Rules for Same-Sex Couples from Scarsdale accountant Paul Herman  The U.S. Department of the Treasury and the IRS recently ruled that same-sex couples, legally married in a jurisdiction that recognizes their marriages, will be treated as married for federal tax purposes. This ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not. However, the ruling does not apply to registered domestic partnerships, civil unions, or similar formal relationships recognized under state law.

Same-sex couples will now be treated as married for all federal tax purposes (income, gift, and estate taxes) where marriage is a factor. The ruling applies to filing status, personal and dependency exemptions, the standard deduction, employee benefits, IRA contributions, and the earned income and child tax credits.

For 2013, legally married same-sex couples must file their tax return using either the married filing jointly or married filing separately filing status. For years prior to 2013, these couples may, but are not required to, file amended returns choosing to be treated as married for federal tax purposes for one or more prior tax years still open under the statute of limitations.

Our Scarsdale tax preparers here at Herman & Company CPA’s are here for all your financial needs. Please contact us for all inquiries and to receive your free personal finance consultation!

Herman and Company CPA’s proudly serves Bedford NY, Mount Kisco NY, Larchmont NY, Purchase NY, Rye NY, Harrison NY, Scarsdale NY, Greenwich CT and beyond.

Photo Credit: Mike Licht via Photopin cc

One Response to New Tax Rules for Legally Married Same-Sex Couples

  • Brian Huber says:

    I’m losing track of all the state income tax filing status requirements. Some states will follow the federal marital rules and others will not. What are the circumstances for legally married same-sex couples domiciled in your area?

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