Summertime is a popular time for weddings, but such happy events can also bring about changes in a couples’ tax status.
In an effort to ensure that such changes don’t go unnoticed amid all the festivities, the Internal Revenue Service is offering tips to help the newly married stay current with their tax filings and other obligations.
Notify the Social Security Administration » It’s important that your name and Social Security number match on your next tax return, so if you’ve taken on a new name, report the change. File for SS-5, Application for a Social Security Card. The form is available on SSA’s website at www.ssa.gov, by calling 800-772-1213 or visiting a local SSA office.
Notify the IRS if you move » IRS Form 8822, Change of Address, is the official way to update the IRS of your address change. Download the form from www.IRS.gov or order it by calling 800-829-3676.
Notify the U.S. Postal Service » To ensure your mail — including documents from the IRS — is forwarded to your new address, you’ll need to notify the U.S. Postal Service. Submit a forwarding request online at www.usps.com, or visit your local post office.
Notify your employer » Report your name and/or address change to your employer(s) to make sure you receive your Form W-2, Wage and Tax Statement after the end of the year.
Check your withholding » If you both work, keep in mind that your combined incomes may move you into a higher tax bracket. You can use Publication 505, Tax Withholding and Estimated Tax, to help determine the correct amount of withholding for your marital status, and it will also help you complete a new Form W-4, Employee’s Withholding Allowance Certificate. Fill out and print Form W-4 online and give it to your employer(s) so the correct amount will be withheld from your pay.
Select the right tax form » Choose your individual income tax form wisely because it can help you save money. Newlywed taxpayers may find that they now have enough deductions to itemize on their tax returns rather than taking the standard deduction. Itemized deductions must be claimed on a Form 1040, not a 1040A or 1040EZ.
Choose the best filing status » A person’s marital status on Dec. 31 determines whether he or she is considered married for that year for tax purposes. Tax law generally allows married couples to choose to file their federal income tax return either jointly or separately in any given year. Figuring the tax both ways can determine which filing status will result in the lowest tax, but filing jointly usually is more beneficial.
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