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Income tax advice gay couples

View the full guide here. If you are married it will impact your filing status. Some states use different terminology. Only married couples can file as married, whether jointly or separately. Under federal law, your filing status is generally determined on the last day of the calendar year. If you are married on the last day of the year, you will be considered married for the entire year.

LGBT couples may be making this mistake on their tax returns

What You Should Know About Same-Sex Marriage Tax Benefits

For the tax year and going forward, same-sex couples who are legally married generally must file using either married filing separately or married filing jointly on federal income tax returns. This is the first year that legally married same-sex couples are required to file federal tax returns as married. Michigan and some other states that do not recognize same-sex marriages still require couples to file state income tax returns as single filers. In Michigan, a same-sex couple married in a state that recognizes their marriage would need to prepare five tax returns and file three of them. First, the couple must prepare and file a federal return using a married status.

6 Tips for Unmarried Cohabiting Couples to Reduce Their Taxes

Today, the Supreme Court decided same-sex couples have the fundamental right to marry. That means regardless of what individual states may have decided in the past we decoded the confusing discrepancies here , all same-sex couples can now get married and have those unions legally recognized. Additionally, those already married and living in states that currently do not allow for same-sex marriage should now have their marriage recognized.
On June 26, , the Supreme Court settled the issue of same-sex marriage in the U. This decision requires states to issue marriage licenses to same-sex couples and for states to recognize such marriages that were performed in other states. Gay marriage became legal in all 50 states. The governmental recognition of same-sex marriage means that same-sex couples can now enjoy the same rights and privileges that opposite-sex couples do — and the same responsibilities and potential pitfalls of marriage. Taxes are a prime example.

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