October 22, 2013
Nanette Lee Miller, Leader of the LGBT Practice Group, Featured in the 429 Magazine Article "While New Jersey celebrates equality, some financial advisors suggest waiting to tie the knot."
By Jamie Rubenstein
It may be the Halloween season, but there’s nothing scary about the situation in New Jersey for same-sex couples ready to take advantage of tax, estate, and social security benefits following the state Supreme Court lifting of the marriage ban.
Her South Carolina income tax return will be another matter, because of the state's constitutional prohibition against treating her marriage as legal. She and her wife, Daena Petersen, will probably need to create dummy federal tax returns used only to fill out separate state tax forms, on which they will each declare themselves single.
“Just like other states that have come before New Jersey, we have the same drill for same-sex couples since the law now provides simple clarity on choice,” declared Nannette Lee Miller, national leader of the LGBT Practice for Marcum, the New York-based accounting and financial advisory firm, in an interview with 429Magazine.
The choice, she explained, comes in making the tax compliance job easier by allowing couples to decide the advantages of filing jointly or singly, depending on the financial status of the couple. In some instances, she said, couples might find they pay more in taxes by filing jointly—and so it’s necessary to run through the projections with an advisor.
“Those same-sex couples in New Jersey who choose to get married now may not necessarily find they will be paying lower taxes,” she said. “Couples need to understand the tax and legal consequences of their options.”