Same Sex Marriage and NC Taxes

One of the bigger changes for 2014 in North Carolina on a personal level was the legalization of “same sex marriage”.

Prior to being married, same sex couples should have filed two tax returns, both filing with “single” status. Now that same sex marriage is legal in North Carolina and if a couple was legally married in 2014, the couple can file together on the federal and state tax return for tax year 2014.

Because the couple is legally married, the filing option of “single” is no longer applicable. There will now be two other choices. The couple can either file as “married filing joint” or “married filing separately”. Typically, “married filing joint” is going to be the most beneficial. In fact, depending on the situation, there will likely be a much higher refund in 2014.

Here is a link to the IRS frequently asked questions that we feel is a helpful resource:

http://www.irs.gov/uac/Answers-to-Frequently-Asked-Questions-for-Same-Sex-Married-Couples

If you have questions pertaining to this topic, please contact us.