Thank you Uncle Sam. Or Joe Biden. Honestly, thank you to whoever is making this possible. Have you seen this headline yet,
“Gay married couples may get retroactive tax refunds from Dems’ $1.75T social plan The Build Back Better Act would let same-sex couples file an amended tax return for years they were legally married before 2010.”
According to NBC News,
“The latest iteration of the Build Back Better Act would let taxpayers who were legally married under state law before 2010 claim federal tax benefits that are unavailable under current rules. Essentially, the revision would let couples file amended tax returns for years as early as 2004. They could file a joint federal return as a married couple, and claim refunds and credits that may result in a net tax benefit.”
Same-sex married couples may get a tax break from Democrats’ $1.75 trillion social and climate spending plan. pic.twitter.com/n7XndBUkr0
— Stock Sharks (@stocksharks_) November 16, 2021
Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, said,
“This is a fair thing to do. People were married [but] the federal government wasn’t recognizing their marriages.”
Wow! This could be huge for some couples who had to file single for years! Talk to your accountant. Thanks, @GregIacurci for the details.
Same-sex couples in certain states may get a tax break from Democrats’ $1.75 trillion social plan https://t.co/LPgcFgBd0v
— Debt Free Guys 🏳️🌈 (He/Him) (@DebtFreeGuys) November 17, 2021
I think you mean: After years of inequitable tax laws, same-sex couple may finally get to access tax break that straight couples have always had in Democrats social plan. https://t.co/WjGBeSbdX2
— elle finke (@leighfinke) November 16, 2021
The Build Back Better Act is heading to the House this week, and all signs seem to say it will be passed. Though the jury is still out on whether couples would take the time to refile their taxes. Bill W., 68, who lives in Tucson, married his husband Dan in 2013. They took part in a civil union in Vermont in 2006 said,
“Even if we could, to refile tax returns from 11-15 years ago would be challenging due to record keeping (and I’m a big record keeper). Plus, most likely the filings would have to be done by hand since most of the tax software from 8+ years ago no longer runs on my new computer.”
What do you think Instincters? Do you fall into this category? Would you consider refiling your taxes? Sound off in the comments below.
Sources: NBC News
Curious if this means those of us in Civil SS Partnerships? Because Marriage wasn’t allowed federally until what, 2012 or 2013?
Tax laws are complicated, and while some folks could see a benefit, other folks might be penalized due to the ‘marriage penalty’. When my husband and I got married in 2008, we took a huge hit to our retirement plan because of this. If you are going to re-file, make sure to confirm that it will actually help you.