Two months after the Supreme Court struck down the Defense of Marriage Act, the Treasury Department ruled that legally married same-sex couples will be treated as married for federal tax purposes.
The decision has a host of implications, even for couples who now live in states that don’t recognize same-sex marriage.
It affects how couples will be treated in terms of all federal taxes, including income taxes, estate and gift taxes, health insurance, retirement accounts and employee benefits.
The ruling applies to any same-sex couple legally married in any state, the District of Columbia, a U.S. territory or foreign country. It does not apply to registered domestic partnerships, civil unions or other formal relationships recognized under state laws.
To discuss financial planning issues with AIO Financial, please contact Bill Holliday, CFP – bill@aiofinancial.com or 520-325-0769.