Same-Sex Married Couples Recognized On Federal Tax Returns

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Same-sex married couples may now check the “married” box on their federal tax returns even if their own states do not recognize their unions.

Some of those couples will find themselves paying less than before, while others will pay more, according to an article in the New York Times.

The IRS has set down rules that will either save or cost such couples money. It all depends on how much they earn, whether both parties are working and whether, together, they earn too much to claim the same types of tax-saving deductions they claimed while they were filing as singles. Many of these deductions end as incomes rise.

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Published In: Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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