A Beginner’s Guide to Taxes When You’re Married

Here’s some basic info that married couples, whether same or opposite sex, should know about taxes.

Let’s first look at how it works, federally.

Here are some factors to keep in mind when you file taxes as a married couple.

Marriage Penalty vs.

It will depend on different factors, but mostly will depend on your income.

Today.com explains that many couples will get a “financial boost,” because their overall taxes go down.

But let’s take a look at some details with both options.

Legal siteNOLO explainssome of the advantages to filing jointly.

These rules now apply to all legally married same sex couples.

Of course, there are stipulations and exemptions, and you should read more about thosehere.

There are advantages when it comes to employment benefits, too.

This benefit now applies to spouses in legally recognized same sex marriages.

These rulesusuallymean you’ll pay more in taxes.

You cannot take the exclusion or credit for adoption expenses in most cases.

Your capital loss deduction limit is $1,500 (instead of $3,000 on a joint return).

Your information simply carries over to your state return, the same way it does when you’re single.

There are some exceptions to this, and we’ll get to those later.

These expenses might be student loan payments, property taxes, etc.

Taxact.com explains that this will depend on whether or not you live in a community property state.

Alaska is an opt-in community property state.

you could only deduct expenses for which you were liable.

If you have a casualty loss on joint property, you each can deduct one-half of the loss.

He was a resident of NY for all of 2012.

It’s pretty clear that he has to file a NY resident return.

His wife’s situation is more complex because halfway through 2012 she moved from OH to NY.

This means that she needs to file an OH part-year resident return and then a NY part-year resident return.

Situations will vary depending on different factorswhen she moved, for example.

And check out Rapidtax’spost on the topicfor more info.

Many more states are starting to recognize same-sex marriage.

But if your statedoesn’trecognize your marriage, the rules will vary.

In Alabama, same-sex taxpayers apportion income according to a ratio.

you’re able to find your state’s guidelines on theEmployee Benefits Legal Resource Site.

Today.com explains that these workarounds may have allowed couples to own property jointly or leave an inheritance.

Now, they may have to rework these workarounds, depending on the benefits for filing jointly.

you might check out their website for more info onfiling an amended return.

We’re in a time of transition with legalization of same-sex marriage.

And that means the tax laws can be really confusing for couples.

it’s possible for you to also check out theIRS' FAQfor same-sex marriages.

But it’s really pretty straightforward once you know the basic rules.