Taxes are gay

The net investment income tax NIIT of 3. You might enjoy a sweet marriage bonus — consider it a little tax gift from the heavens. Filing your gay taxes Taxes and marriage are often compared, yet the term “gay marriage” adds complexity to tax filings for same-sex couples.

How US tax laws : Even though same-sex marriages have been nationally recognized since , some couples may still be in a domestic partnership or civil union rather than a marriage

If you found yourself in that perplexed percentage and mistakenly filed as single, head of household, or married filing separately, fear not! The tax applies only to net investment income, not earned income. Understanding the nuances is critical before filing your taxes.

Oh, and did I mention the cherry on top? If so, how? So, no matter where life takes you, the IRS has your back when honoring your marriage. The upside? Ah, the joys of marriage equality. Smooth sailing ahead.

Department of Education. A study on gay taxes by Credit Karma Did you know that according to a hilarious study by Credit Karma, 35% of same-sex married. The earned income tax credit EITC may decrease or be non-existent due to marriage increasing the household income of low-earning couples.

Let’s lessen all your fears about filing your gay taxes. for federal tax purposes. The IRS recognizes legal gay & lesbian same sex marriages for federal tax purposes. Filing jointly can be a financial magic trick if one partner brings the bacon home in more giant slices than the other.

The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage. Christina Taylor, the Senior Manager of Tax Operations at Credit Karma, the financial fairy godmother for 75 million members, is here to enlighten us.

Listen up because this is crucial info! Since July 1st,as noted by the Tax Foundation, 15 states have applied a marriage penalty as their income tax brackets for married couples filing jointly are not two times that of the single filer brackets:.

Now, for all you middle-income lovebirds out there, fear not! How does married filing jointly affect student loan payments on an income-based repayment schedule this can cause the repayment amount required to increase?

When are individuals of the same sex lawfully married for federal tax purposes? You might snag a lower tax rate, all while holding hands through the tax maze. Here is a Q&A on how it impacts you.

How U S tax : , same-sex couples still struggle with taxes

Understanding the nuances is critical before filing your taxes. A spouse with a lower income might even score some sweet spousal IRA contributions courtesy of a higher-earning partner. Did you know married couples filing jointly could unlock some profound tax treasures?

When recognizing marriages, the IRS takes cues from state and foreign laws. Sorry, no dice. You might have missed some sweet tax breaks, but fret not — you can still amend that return and snag that cashback. The perks of joint filing as a same-sex duo are like hitting the tax jackpot: more generous tax brackets, a standard deduction double the fun, and a smoother ride through the financial rollercoaster of tax brackets.