For years, same-sex couples have faced difficulties when it came to tax claims, but with new laws in place, many issues have been resolved. Still, there are unique considerations to keep in mind as tax season approaches. Here are some tips and considerations when it comes to filing taxes for same-sex couples this year.
Joint return status
Arguably the most significant impact to same-sex couples since DOMA was repealed is that they can now file joint tax returns. Look at the difference between filing individually and jointly for 2015, based on a yearly income of $100,000: The individual return subjects a person to $21,071.25 in taxes, while the joint filer only pays $16,587.50. That's a difference of thousands.
Tax-free employee benefits
Same-sex couples can now enjoy the benefits of tax-free, employer-sponsored benefit plans. If one spouse works for a company that offers certain benefits like health care plans or flexible spending accounts, the other spouse could now be eligible for coverage, thus eliminating the need for same-sex couples to have multiple benefit plans.
Amending past returns
If a couple was married but filing individually in 2010, 2011 or 2012, they should consider going back and amending those past tax returns to read as joint filings instead. The amount of taxes owed can differ greatly from individual to joint returns, and could translate into a significant refund. Couples interested in doing this should file the amendment before April 15.
Daniel Cross, GOBankingRates.com
