tax conditions for same sex marriage
Subject: Tax Conditions for Same Sex Marriage
From: Group1841 Financial Services
To: Mr. Ndadi
This is to inform you that the Internal Revenue Service (IRS) and the U.S. Department of the Treasury have declared that same-sex couples, lawfully married in areas that acknowledge their marriages, will be considered married for federal tax reasons (InsuranceNews Net, 2013). This ruling applies notwithstanding if the couple reside in areas that acknowledge same-sex marriages or areas that do not acknowledge same-sex marriages.
This applies the federal tax characteristics of the June 26 Supreme Court conclusion overturning a key stipulation of the Defense of Marriage Act of 1996 (October 2013) .
During the ruling, same-sex spouses will be considered married for every federal tax purpose, including estate, gift and income taxes (October 2013). This ruling is applicable for federal tax stipulations in which marriage is a variable, including placing claim to dependency and dependency exclusions, filing status, enforcing standard tax deductions, worker benefits, child tax credits, and placing claims to received income tax credit (Revenue Ruling 2013).
“All same-sex marriages lawfully entered into any of the fifty states, the District of Columbia, a United States territory or a foreign country will be covered by the ruling” (Revenue Ruling 2013). Nevertheless, this ruling is not applicable to registered local partnerships, official relationships or civil unions acknowledged under the state law (October 2013).
Lawfully-wedded same-sex souses must submit their Federal income tax return for 2013, through the “married filing separately filing status” or “married filing jointly status” (Revenue Ruling 2013).
People that were initially in same-sex marriages can (however are not obliged to), submit original or adjusted returns opting to be considered as wedded for federal tax reasons for at least one initial tax year still available under the limitations statute
From: Group1841 Financial Services
To: Mr. Ndadi
This is to inform you that the Internal Revenue Service (IRS) and the U.S. Department of the Treasury have declared that same-sex couples, lawfully married in areas that acknowledge their marriages, will be considered married for federal tax reasons (InsuranceNews Net, 2013). This ruling applies notwithstanding if the couple reside in areas that acknowledge same-sex marriages or areas that do not acknowledge same-sex marriages.
This applies the federal tax characteristics of the June 26 Supreme Court conclusion overturning a key stipulation of the Defense of Marriage Act of 1996 (October 2013) .
During the ruling, same-sex spouses will be considered married for every federal tax purpose, including estate, gift and income taxes (October 2013). This ruling is applicable for federal tax stipulations in which marriage is a variable, including placing claim to dependency and dependency exclusions, filing status, enforcing standard tax deductions, worker benefits, child tax credits, and placing claims to received income tax credit (Revenue Ruling 2013).
“All same-sex marriages lawfully entered into any of the fifty states, the District of Columbia, a United States territory or a foreign country will be covered by the ruling” (Revenue Ruling 2013). Nevertheless, this ruling is not applicable to registered local partnerships, official relationships or civil unions acknowledged under the state law (October 2013).
Lawfully-wedded same-sex souses must submit their Federal income tax return for 2013, through the “married filing separately filing status” or “married filing jointly status” (Revenue Ruling 2013).
People that were initially in same-sex marriages can (however are not obliged to), submit original or adjusted returns opting to be considered as wedded for federal tax reasons for at least one initial tax year still available under the limitations statute
References: “Revenue Ruling 2013-17”, (August 2013), Internal Revenue Service, http://www.irs.gov/pub/irs-drop/rr-13-17.pdf Jacobs, D “IRS Recognizes Legal Same-Sex Marriages” (August 2013( InsuranceNews Net) http://insurancenewsnet.com/oarticle/2013/08/30/irs-recognizes-legal same-sex- marriages-a-392133.html “The Best Tax Moves for Fall” (October 2013) Herskovits&Kunitzer, P.A. “IRS Issues Post DOMA Decision Tax Guidance” (Sept 2012) The SDDCO Group http://sddco.com/updates/irs-lifts-states-border-obstacles-for-ssmcs/ “IRS Issues Revenue Ruling on Wash Sales (IRA & Roth IRA Buys SubstantiallyIdentical Securities)” (December 2007) Accountant Forums http://www.accountantforums.com/irs-issues-revenue-ruling-wash-sales-ira-and- roth-ira-buys-substanti Brian M. Sagrestano, JD, CFRE (January 2013) “Special Report: Everything Each NPO Must Know about Fiscal Cliff Legislation” http://yourgiftcounts.wordpress.com/2013/01/03/special-report-everything-each- npo-must-know-about-fiscal-cliff-legislation/