The Defense of Marriage Act (DOMA) has been defeated, however, the new-found rights for gay married couples may bear something not so welcome a bigger tax burden.
Thats because with equality, gay couples will face the same tax woes of many heterosexual couples with similar incomes, including the tax hit known in America as “the marriage penalty.”
Taxpayers filing as married couples may be forced to pay higher taxes as their collective income crosses into a higher tax bracket sooner than if they were filing separately.
For more information see High Court’s Decision On Federal Marriage Law Has Tax Implications and Supreme Court Ruling Narrows Gay Couples Benefit Gap.
If you have any questions regarding your taxes or your benefits, or need help with amending your returns please feel free to contact us. We are here to help.