Tax implications are typically the last thing on your mind as newlyweds; after planning a wedding for months and settling into the groove of working again after a long honeymoon, there’s not much time for anything else. However, here are some important steps to take so that your newly wedded bliss doesn’t turn into a nightmare, courtesy of the IRS.
- Wait – you’re taking my last name, right? Any name changes need to be reported to the Social Security Administration with Form SS-5, Application for a Social Security Card. The names and social security numbers on your return must match what is in their records, or you’ll have trouble filing your return.
- Crossing the threshold. If one (or both) of you are moving, you should let the IRS know with Form 8822, Change of Address. You should also let the U.S. Post Office, your employer, and your Health Insurance Marketplace know.
- New tax forms are fun. Chances are you’ve filed a 1040A or 1040EZ in the past. However, you may now have enough deductions between the two of you to itemize on your return, which means you’ll have to file a form 1040. You’ll also want to see if it makes more sense for you to file jointly or separately.
- A new marital status means a (potentially) higher tax bracket. Be sure to update your Form W-4, Employee’s Withholding Allowance Certificate, with your employers so that you have adequate withholding and aren’t hit with an unexpected tax bill.
Are you getting ready to tie the knot and have questions about how your marital status will affect your tax return? Reach out to one of our staff of professionals to start the conversation.