Congrats, same-sex spouses: Here's your tax bill

[DURHAM D]

http://lifeinc.today.com/_news/2012/12/21/16020823-congrats-same-sex-spouses-heres-your-tax-bill?lite=

To file state and federal income tax returns, experts say same-sex couples must first fill out a mock federal tax form as a married couple, which they use as the basis to file their state tax returns. Then, they must go back and file a second set of federal tax returns as if they are both single, because the federal government does not recognize their union.

In community-property states such as Washington and California, there is one more hurdle for the individual returns. Couples have to essentially split their wages down the middle, said Marci Flanery, a CPA who practices in Seattle. So, if one spouse makes $100,000 and another spouse make $20,000, each return would end up showing income of $60,000.

That’s because even though the marriage isn’t recognized, their assets are considered shared property.

A blessing and a nightmare.