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Despite Governor David Paterson’s directive last May that state agencies accord full recognition to gay couples married out-of-state, New York tax authorities are taking the position that joint filing by such couples will not be allowed on state tax forms.
Inheriting IRA or 401(k) proceeds can be a potentially huge windfall, but it can also be a sizable tax headache. For both the giver and the recipient, it’s worth getting some advice. Bank accounts, stocks, real estate and life insurance proceeds generally pass to heirs free of income tax.
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