Same-sex married couples to get federal tax breaks

Same-sex married couples to get federal tax breaks

Forbes: Same-sex married couples will get federal tax breaks no matter where they live, the IRS announced.

So, for example, if you’re legally married in New York, the IRS will consider you married even if you retire to Florida–a state that does not allow same-sex marriage and where there is strong sentiment against it. This ruling “assures legally married same-sex couples that they can move freely throughout the country knowing that their federal filing status will not change,” said Treasury Secretary Jacob J. Lew.

Revenue Ruling 2013-17, announced today, applies to all federal tax provisions where marriage is a factor. That includes not just filing status, but also claiming personal and dependency exemptions, taking the standard deduction, employee benefits, contributing to an IRA and claiming the earned income tax credit or child tax credit.

Read more at Forbes.