2014 marks a significant milestone in both cultural and clerical purposes – same sex couples are now required to file federal income tax returns that reflect their married status.
The changes in the tax law are the result of the monumental Supreme Court decision last June, which gave same-sex marriage two legal victories. However, with the changes come confusion and lots of questions. Should previous returns be amended? Under the law, couples can choose to refile their last three tax returns using a married filing status — a potentially worthwhile move if it generates a nice refund. But how to approach that process? And there are other issues: Can you easily recover the extra taxes many you as an employee incurred when you bought health insurance for your spouse? And what do couples living in states that don’t recognize their unions need to know?
At MJW EA & Company LLC, Mary Jo is an Accredited Domestic Partner Advisor (an ADPA) and will be your guide through the odyssean sea of paperwork, questions, scenarios and options that are now available for same sex married couples. Schedule an appointment to come in and figure out what the best plan for you is. We are always here to help!