Tuesday, March 5, 2013

[USA] - Gay Couples Can Receive Tax Credit for Adopting Children: Report - Michelle Toglia - Your Tango

A nice (little) bit of positive news for GLBTI parents in the USA.

[Source: Your Tango]

Same-sex couples can get nearly $13K for second-parent adoption, but are still denied other benefits
While legally wed same-sex couples are still not considered to be married by the federal government under the Defense of Marriage Act, which considers marriage as solely a union between a man and a woman, there is a small tax consolation that will be useful during tax time this year.

According to MSN Money, unlike opposite-sex couples, same-sex couples can claim a $12,650 credit for adopting his or her partner's child.

However, gay couples are still denied Social Security benefits and are subject to estate and gift taxes other couples aren't.

Aside from the personal and social impacts that come from their marriage not being federally recognized, by not receiving Social Security benefits, gay couples are still losing out on an avegage of $675 per month — or $8,100 per year, according to CNN Money.

If DOMA is overturned this spring when the Supreme Court addresses it, the second-parent tax credit will no longer exist. Instead, gay couples will have equal access to benefits.

[Source: Your Tango]

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