Gay Married People Could All Be Filthy Rich, How?

https://www.theblot.com/irs-recognizes-gay-marriage-774077

 

Gay Married People Could All Be Filthy Rich, How (2)

Gay marriage is good for you and for your pocketbooks, the latest IRS rulings says. Listen up, gays! You may have some money coming back to you from the federal government but not because you are gay and awesome. (Although you are!)

Basically, if you got gay married and had to file separate tax returns, you now have the opportunity to file amended returns jointly, which could entitle you to refunds. If an amended return does not benefit you, you do not have to file one.

We better start seeing some top hats and monocles . . . and spats! Whatever happened to spats? It’s time to put some style into the ruling class.

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Earlier this week, endorsement of marriage equality came from an unlikely place when the IRS and the Treasury Department jointly announced that for tax purposes gay marriage would be recognized, despite state law to the contrary.

Now the bad news: the ruling may have unfortunate unforeseen ramifications for some same-sex couples in the future. Historically, married couples who earn similar levels of income find themselves in a much higher tax bracket than they would if they were single. This hitch in the tax code has long been referred to as the marriage penalty.

Historically, gay men and women are high earners. Their average household income is $81,500 per year, almost 80% above the average of $46,326.

Sorry gay power couples.

Further creating a headache for couples during tax time, in the 37 states that do not currently allow gay marriage, same-sex couples will have to file as single on their state returns, but must file married on their federal returns.

Read more: Hello gays, want to lose your life savings? Invest in a Nasdaq listed company 

Lawsuit?

Proponents of gay marriage heralded the decision as a victory, citing it as the most sweeping ruling yet by the federal government, since the Supreme Court ruled against the 1996 Defense of Marriage Act earlier this summer. The ruling ultimately decided that all married couples would be treated the same, whether or not they are same sex.

According to The New York Times, “As of the 2013 tax year, same-sex spouses who are legally married will not be able to file federal tax returns as if either were single. Instead, they must file together as ‘married filing jointly’ or individually as ‘married filing separately.'”

Local laws in the city or state where the couple reside have nothing to do with how the couple file or the legality of their marriage in the eyes of the law.

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“Today’s ruling provides certainty and clear, coherent tax-filing guidance for all legally married same-sex couples nationwide,” Treasury Secretary Jacob J. Lew said. “This ruling also assures legally married same-sex couples that they can move freely throughout the country knowing that their federal filing status will not change.”

Joel Mazmanian is a freelance writer. Follow him @joelmazmanian

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