What should same sex couples know for 2013 tax reporting?

posted by michaelgraycpa @ 9:16 AM
February 19, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, February 21, is with Professor Patricia Cain of Santa Clara University School of Law.. Our interview subject is “Tax issues for same sex couples update.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

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As I detailed in another post, the IRS will require same sex married couples to file their income tax returns using the married filing joint returns or married filing separate returns filing status, effective September 16, 2013. http://michaelgraycpa.com/2013/08/30/irs-provides-guidance-for-same-sex-married-couples/

These couples can still file as single persons when they file their 2012 federal income tax return by September 15, 2013. Many married persons experience a “marriage penalty”. This is the last chance for same sex couples to file as single persons, so they should find out if doing so would be to their advantage.

The marriage penalty can apply when the two partners both have earned income. A married person who files a separate income tax return isn’t eligible to claim an IRA contribution. The IRA deduction for a married partner whose spouse is a participant in a qualified retirement plan (including a 401(k) plan) can be phased out. A married person who files a separate income tax return isn’t eligible for the adoption credit.

The devil is in the details. You have to work through the details of your personal situation with a tax advisor.

There are only two weeks left before the deadline, and many tax return preparers are struggling to finish their business tax returns and make 2013 estimated tax reviews by September 16. Good luck getting an appointment with a good tax advisor!

IRS provides guidance for same sex married couples

posted by michaelgraycpa @ 11:07 AM
August 30, 2013

In response to the Supreme Court’s Windsor decision, the IRS has issued Revenue Ruling 2013-17 with guidance for same-sex married couples and registered domestic partners.

The IRS has ruled that same sex couples who are legally married in foreign or domestic jurisdictions shall be considered married for federal income tax purposes, even if they live in a state that doesn’t recognize such unions. This ruling follows a previous ruling in Revenue Ruling 58-66 that couples who had a common law marriage and moved to a state that didn’t recognize such marriages are still considered married for federal income tax purposes.

The rule also applies for the eligibility for employee benefits under the federal tax laws, such as the exclusion for employer-provided employee medical insurance covering a spouse.

“Husband” and “wife” will be interpreted to include a same sex spouse.

Registered domestic partners, civil unions or other similar formal relationships recognized under state laws that are not denominated as a marriage under that state’s law are not considered to be marriages under the federal tax laws. (Some states recognize these relationships as marriages. Consult with legal counsel for the applicable state.)

The ruling is effective September 16, 2013, but taxpayers have the option to apply it sooner, including filing amended income tax returns for years for which the statute of limitations hasn’t expired.

How has the federal tax picture changed for same sex married couples?

posted by michaelgraycpa @ 8:47 AM
August 7, 2013

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, August 9 is with Professor Patricia Cain of the Santa Clara University Law School. Our interview subject is “Tax considerations of the Federal Supreme Court decisions on same sex marriages.” The interview will be broadcast at 8:00 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What estate and gift tax problems do same sex couples have?

posted by michaelgraycpa @ 8:46 AM
February 20, 2013

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, February 22 is with Professor Patricia Cain of Santa Clara University Law School. Our interview subject is “Estate and gift tax problems of same sex couples.” The interview will be broadcast at 8:00 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org.

What should same sex couples know when preparing their 2012 income tax returns?

posted by michaelgraycpa @ 9:19 AM
February 13, 2013

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, February 15 is with Professor Patricia Cain of Santa Clara University Law School. Our interview subject is “Federal tax developments for same sex couples.” The interview will be broadcast at 8:00 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org.

What estate and gift tax problems do same sex couples have?

posted by michaelgraycpa @ 10:06 AM
February 22, 2012

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, February 24 is with Professor Patricia Cain of Santa Clara University School of Law. Our interview subject is, “Estate and gift tax problems of same sex couples”. The interview will be broadcast at 8:00 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org.

What income tax problems do same sex couples have?

posted by michaelgraycpa @ 9:51 AM
February 15, 2012

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, February 17 is with Professor Patricia Cain of Santa Clara University School of Law. Our interview subject is, “Income tax problems of same sex couples”. The interview will be broadcast at 8:00 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org.

What are special estate and gift tax problems of same sex couples?

posted by michaelgraycpa @ 7:26 AM
March 21, 2011

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Wednesday, March 23, is with Professor Patricia Cain of Santa Clara University School of Law. Our interview subject is, “Estate and gift tax problems for same sex couples in Community Property states”. The interview will be broadcast at 7:00 p.m. Pacific Time on Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org.

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Wednesday, March 16, is with Professor Patricia Cain of Santa Clara University School of Law. Our interview subject is, “Income tax problems for same sex couples in Community Property states”. The interview will be broadcast at 7:00 p.m. Pacific Time on Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org.

Remember you can find past episodes at www.financialinsiderweekly.com under “past episodes”.