Income tax advice gay couples

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Of course, it's still a risk, particularly as the issue gains national attention. On March 1,Employee C was married to same-sex spouse D. If you have a relatively simple tax situation - for example, if Get Your Tax Record. The requirements for filing a claim for refund or making an adjustment of the employer and employee portions of Social Security and Medicare taxes can be found in the Instructions for Form X. So if you have a stay-at-home partner and no minor children, you should both file as single. While there are no statistics available on the number of gay married couples who do file joint federal income taxes, a website launched last April called Refuse to Lie offers advice and testimonials from couples who have decided to defy the law.

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Typically, couples grapple with the financial pros and cons of filing separately or jointly.

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Important Tax Tips for Gay & Lesbian Partners and Unmarried Couples

Sherwood Howard, right, and Nevada State Sen. If the period of limitations for filing a claim for refund is open and the employee has not been reimbursed by the employer for the Social Security and Medicare taxes and has not authorized the employer to file a claim for refund of those taxes on his or her behalf, the employee may claim a refund. When making gifts to loved ones and children, consider the benefits of year-end gift-splitting. Plan A, a qualified defined benefit plan, is maintained by Employer X, which operates only in a state that does not recognize same-sex marriages. If the child has both partners listed as parents on the birth certificate or adoption record, either partner can claim the child as a deduction if providing support. Qualified retirement plans are required to comply with the following rules pursuant to Rev.

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However, for Ruth and Connie, prominent gay activists who were married last summer in New York after the state approved gay marriage, income taxes are far more fraught. Take Advantage of Mortgage Interest Deductions You may be able to split the mortgage interest deduction if you are both listed on the mortgage and both pay money toward it, or you can allot to one partner the partner listed as primary payer on the mortgage the entire mortgage interest deduction. The credit card offers that appear on this site are from credit card companies from which MoneyCrashers. Employer sponsors a group health plan covering eligible employees and their dependents and spouses including same-sex spouses. Gay marriage, though legal in a number of states, is not recognized by the Federal Government.

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