Intuit TurboTax® released the following statement in response to guidance provided by the U.S. Department of the Treasury and the Internal Revenue Service (IRS) on the U.S. Supreme Court ruling on the Defense of Marriage Act (DOMA). Under the ruling, same-sex couples will be treated as married for federal tax filing purposes.
The statement can be attributed to David Williams, Chief Tax Officer, Intuit Inc.
“This is a milestone in equality in the nation’s tax system for those in same-sex marriages. It will be a significant financial benefit for some taxpayers who before could not fully take advantage of important tax deductions and credits, including the Earned Income Tax Credit, to which other married couples were already entitled.
Same-sex couples who are legally married will now be recognized by the federal government, meaning it will be easier for them to file their taxes, among many other things. A couple who previously had to file two separate federal tax returns can now file one joint federal tax return – in most cases reducing their tax liability. This could be a federal tax savings of about $500 for a couple making a combined salary of $80,000 annually.
In addition, the court's ruling has the potential to save some people hundreds of dollars in tax preparation costs. Taxpayers who previously had to pay high fees to have someone else prepare their tax return due to the complexity of filing multiple federal and state returns can easily and accurately prepare their taxes together with tax software at a significantly lower cost.”
For more information on how this impacts taxpayers, visit the Tax Break: The TurboTax Blog.
TurboTax is the nation’s No. 1 rated, best-selling, do-it-yourself tax preparation software. Available on desktop, online and mobile, TurboTax helped more than 25 million people last year keep more of their hard-earned money. For more information, visit the TurboTax press room,like us on Facebook at www.facebook.com/turbotax, follow us on Twitter at twitter.com/turbotax, or visit our blog, Tax Break: The TurboTax Blog, at blog.turbotax.intuit.com/.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2013. The company has approximately 8,200 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
Ashley McMahon, 858-215-9069
|Liberty Tax Service Offers Same-Sex Marriage Tax Return Amendments at No Cost (2013/8/30)|
|Prudential white paper examines key financial planning considerations for same-sex couples in wake of Windsor decision (2014/3/11)|
|National LGBT Bar Association, BNY Mellon and White & Case Announce New Resource to Help Same-Sex Couples Navigate State Tax Laws (2014/4/8)|
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