Tax Planning and Filing Considerations for Same Sex Families (Currently Unavailable)

Author: Dominique Molina

On June 26, 2013, the Supreme Court ruled Section 3 of the Defense of Marriage Act unconstitutional. Since then, tax professionals around the country have been grappling with the implications. There are several issues that concern professionals completing a same sex couple's tax filing. Tax professionals should take special note of the state of marriage and residence as well as the various deduction and credit considerations that will now be present in same sex couple's tax returns.

There are approximately 114,000 married same sex couples living in the United States today, and the majority now have a federally recognized marriage. The potential impact is complicated including filing amended tax returns, estate and income tax planning and state filing requirements for non-conforming states.

Publication Date: February 2014

Topics Covered

• Income tax planning issues: Federal filing requirements for same sex couples, section 1041 and divorce issues, impact on IRA and qualified plans
• Estate and gift tax planning issues: inter vivos gifting, spousal rollover, portability, and community property issues
• State income tax issues including non-conformity
• How to use this decision to open tax planning engagements
• Amendments

Learning Objectives

• Learn how this monumental court decision impacts you and your clients and how to use it as a planning opportunity.

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None