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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.
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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
TurboTax®, which make it easier to manage
small businesses and
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.
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
India and other locations. More information can be found at