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In June 2013, the United States Supreme Court ruling struck down key parts of the Defense of Marriage Act (DOMA), which previously defined “marriage” as limited to a man and a woman, with “spouse” limited to opposite-sex partners.
Providing further guidance on how this ruling will be implemented, the Treasury Department and the IRS, issued new guidance specifying that same-sex couples who marry within jurisdictions that recognize their marriage will be treated as married for federal tax purposes – regardless of the rules of the jurisdiction in which they reside.
For instance, if a same-sex couple who lives in a state that does not recognize same-sex marriage, gets married in a state that does recognize same-sex marriages, their marriage would be recognized for federal tax purposes.
Some practical effects of these new IRS rules specific to retirement issues include the following:
However, civil unions and other domestic partner relationships are not recognized under these new IRS rules. For more details on these rules, visit www.IRS.gov. State law tax treatment may vary.
Meanwhile, it may be worthwhile to speak with your Financial Advisor to determine if these changes make the benefits of tax-advantaged saving more broadly available to you and your partner.
Find out with My Retirement Plan, an online tool that makes it easy to see if you are on track. After you answer a few questions, My Retirement Plan will calculate your retirement savings goal and recommend personalized next steps.
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