For many same-sex couples living in Minnesota, filing taxes in 2014 is going to be very different—and possibly much more rewarding.
The background: In May 2013, Minnesota moved to legalize same-sex marriage, paving the way for ceremonies to begin August 1st. Shortly after the state senate’s ruling, the Supreme Court ruled Section 3 of the Defense of Marriage Act unconstitutional, meaning that the federal government must recognize same-sex marriages in states where it is legal.
This means that same-sex couples in Minnesota who decide to get married will be allowed to file a joint federal tax return in April, as will other couples who are married in one of the 13 states where same-sex marriage is legal. They will also be eligible for many other financial perks of marriage, including:
- Possible tax benefits. Some married couples pay less taxes when filing jointly (this depends on each spouse’s income).
- Equitable estate planning