Thanks Dan!!!
After celebrating the Supreme Court’s decision, same-sex couples may want to phone their accountants.
In addition to having implications for Social Security benefits, child care rights and retirement planning, the high court’s ruling that the Defense of Marriage Act is unconstitutional might mean a check from Uncle Sam. Couples may be able to amend prior years’ tax returns to receive bigger refunds now that their marriages are recognized by the federal government. Income tax filing has been frustrating for many couples, some of whom had to file as many as four separate returns because of the conflicting state and federal rules. And since they were unable to file joint returns, same-sex couples lost out on some of the deductions and credits allowed for heterosexual couples, such as breaks offered to those selling a home and child-related tax credits.
To be sure, the decision leaves some question marks. The court cases did not address how the government should treat civil unions between same-sex couples, says Alison Flores, an attorney and analyst with the Tax Institute at H&R Block. Also, the ruling does not mean states that currently prohibit same-sex marriage now have to permit it.
But experts say couples may want to meet with their accountant to run through some of the case’s financial implications. Here is a look at some key topics to consider.
