Same-Sex Couples Should Call Their Accountant

The Supreme Court’s rulingthat DOMA is unconstitutional has broad financial implications for same-sexcouples in states allowing same-sex marriage.

First off, couples may be inline for larger refunds from previous federal tax returns now that the federalgovernment recognizes their marriage.  Byfiling amended returns, married same-sex couples can save money by filingjointly and taking advantage of certain credits or deductions available tomarried couples.

Furthermore, spouses ofsame-sex marriages can now share assets or pass assets following death withoutbeing subject to estate or gift taxes. If couples have set up a trust to deal with these tax issues, they maywant to update the trust or get rid of it entirely.

Same-sex couples also needto reevaluate their health insurance decisions as the addition of a same-sexspouse to an employee’s health plan is no longer a taxable benefit.

See JonnelleMarte, Same-Sex Couples: Celebrate, ThenCall a CPA, Market Watch, June 26, 2013.