Tag Archive for maturity

DOMA and how it affects your taxes as a “couple”

Even though the 1996 of the DOMA – Defense of Marriage Act may be going away which is a great thing, at least for now, lesbian and gay couples may not use either of the married filing statuses. (married filing a joint return or married filing a separate return)

So unless you are able to file as a heterosexual couple or married filing a separate return, you must use the single filing status.

Your filing status affects both the size of your deduction which will be lower as a single filer versus a married filer, and also tax rates are lower for married couples filing joint returns versus single filers.  Also numerous other tax benefits (deductions and credits) are not offered single filers.

Money and Tax Return by 401(K) 2013

Money and Tax Return by 401(K) 2013