Married LGBT Couples in New York Should Be Aware of Tax Issues

Every couple planning a life together should make sure their financial and legal house is in order, but same-sex couples have additional concerns.  Even in New York, and other states where same-sex marriage is legal, there are issues that LGBT couples should be aware of.

One concern is paying taxes.  Previously, the state of New York recognized gay marriages performed in other states, but that recognition did not extend to tax matters.  Now, with gay marriage legal in New York, taxes are a bit more complicated.  Same-sex married couples in New York must now maintain two separate tax identities.

When it comes to state income taxes, same-sex married couples in the state of New York must now file their state taxes using a married filing status, and file their federal income taxes on an individual basis.  Unfortunately, this will result in an additional burden of time, as two separate tax returns will now be necessary.  Married LGBT New Yorkers will have to file their federal tax return as if they were not married, but will still have to complete a return using married status in order to calculate their state income tax.  If the couple is using an accountant, the additional time unfortunately results in additional costs as well.

LGBT couples who wed at any time in 2011 will be considered to have been married for the whole year, for tax purposes, so 2011 state returns will need to be filed as married.

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