August 14, 2013

Nanette Lee Miller, Leader of LGBT Practice Group, Chats on Facebook About "Same-Sex Marriage Ruling and Your Money"

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Nanette Lee Miller, Leader of LGBT Practice Group, Chats on Facebook About "Same-Sex Marriage Ruling and Your Money" Modern Family & LGBT Services

Excerpt:

CNNMoney hosted a Facebook chat last week where three experts in constitutional law, financial planning and taxes answered questions about the Supreme Court’s decision to overturn Defense of Marriage Act, which previously defined marriage as between a man and a woman.

Here are some highlights:

Thoughts on when and if to amend a fed tax returns – our situation live in DC and married in DC in 2010. If we amend 2012 and 2011 a refund if due us however if 2010 is amended we owe the IRS

— Robert Petris

Answer from Nanette Lee Miller, a partner at accounting firm Marcum LLP and head of the firm’s lesbian, gay, bisexual and transgender (LGBT) practice:

Same-sex married couples can amend tax returns going back three years if they believe they paid extra income tax or estate tax by filing separately rather than jointly. You can choose which returns to amend, meaning you don’t need to amend your 2010 return if you don’t think it would be beneficial.

So if we live in a state where our marriage is legally recognized, is there anything unique to us now? Or are we legally the same as a heterosexual married couple in every way? Is there any need to take extra legal precautions?

— Elizabeth Richards

Answer from Nanette Lee Miller:

Yes, you are just like a heterosexual couple now – meaning you can now qualify for more than 1,000 federal spousal benefits that you were previously unable to receive. You should check your estate planning again to make sure you are current with the new rules, and you will be able to file a joint federal and state tax return.

Click here to read the full article on www.CNNMoney.com >>

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Nanette Lee  Miller

Nanette Lee Miller

Partner

  • Assurance
  • San Francisco, CA