This is some great news from the folks over at Turbo Tax!!!! Here are some tax tips for same-sex married couples who are filing jointly this year. In the past there were no tax tips for same-sex married couples as they generally had to file as single.
Now these couples can take advantage of the tax benefits of filing jointly for federal tax purposes! Remember that state income tax rules vary so be sure to check the details for your individual state as well.
Joint Filer Tips for Same-Sex Married Couples
- Reduced tax liability. It’s possible you may see a reduction in your tax liability since tax rates are typically lower for couples filing jointly. A married couple who earns $80,000 per year may see savings of at least $500 when filing jointly without considering additional deductions and credits they may be entitled to.
- Save money on tax prep costs. You potentially will be able to save time and money on your tax prep costs. People who once paid high fees to have someone prepare multiple federal and state tax returns for you and your spouse can now easily and accurately file their taxes together with TurboTax at a significantly lower cost. TurboTax will guide you through accurately filing your federal and state tax return whether you were married in a state that recognizes same-sex marriage or not.
- Take advantage of all tax deductions and credits. When filing your 2013 taxes as married filing jointly, you are now entitled to valuable tax deductions and credits for dependents on your tax return so don’t forget your receipts for things like summer camp, daycare, or college courses you pay for your dependents. These may lead to bigger tax savings when you file together. As a couple you may also be entitled to valuable tax credits like the Earned Income Tax Credit, which may be worth up to $6,044 for 2013.
- Check whether it’s financially beneficial to amend prior year returns. As part of the Supreme Court ruling, couples also have the opportunity to go back and amend their last 3 years tax returns, if they have money coming to them. To help same sex married couples get every dollar they deserve back, TurboTax has developed an online resource so that they can:
- Find out if they will get money back for previous years by filing jointly with their spouse and easily estimating their 2010, 2011, and 2012 federal tax refund as a married couple.
- Easily amend any of the past 3 year’s tax returns for FREE with TurboTax, if they have a federal tax refund coming (remember you don’t have to amend if it’s not financially beneficial).
- (If needed) Have a certified tax professional from TurboTax amend their federal tax return for just $99 per tax return.