September 16, 2013 - What this Date Means for Same-Sex Marriages

On August 29th, the Department of Treasury and the IRS ruled that same-sex couples that have been legally married, will be treated as married for federal tax purposes, where marriage is a factor. This includes:

  • filing status
  • income and gift estate taxes
  • personal and dependency exemptions
  • standard deductions
  • employee benefits, IRA contributions
  • earned income tax credit
  • child tax credit

Same-sex married couples must file 2012 extensions by September 15, 2013, in order to file a 'single' return. On September 16th, Treasury and the IRS will begin applying the new terms. Taxpayers who wish to file a refund claim can do so for both income tax (Click HERE for form 1040X) and gift or estate taxes (Click HERE for form 843). And for more information on filing amended forms in general, click HERE.

These tax changes may also effect your estate plan. Contact Mortensen & Reinheimer, PC today to take advantage of a free case evaluation.

Estate planning is an important issue that must not be put off until a later date. The sooner you get everything in order, the sooner you will be able to relax about the security of your property and possessions after you pass on. This area of law can seem insensitive or unnerving, but as soon as you consult with an attorney from Mortensen & Reinheimer, PC, you will see that it does not have to be so. Our team is compassionate and friendly and will go above and beyond to help you through the process as quickly and painlessly as possible. We can help!

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