Marriage is a life-long commitment. And so are tax payments and returns. When you and your spouse are officially married, make sure the two of you sit down and decide how to go about the tax situation. A crucial thing to understand here is that if you get married before December 31, then you will be considered married for the entire year for tax purposes. Here are some things you need to know about tax filing if you are a newly-married couple:
Changes in Your Personal Information
- Name: Your name on tax return documents and the name registered at the Social Security Administration must match. If you’ve changed your name after your wedding, you need to report this change to the SSA immediately. If the name on your tax return and your registered name at the SSA don’t match, then any tax refund owed to you could get delayed. Visit the SSA.gov official link and fill out Form SS-5 (Application for a Social Security Card). Or you can dial 800-772-1213 and talk to their representative and ask them to change your name.
- Address: If either of you has changed your address after the wedding, then you need to inform the IRS about your location. You must also let the U.S. Postal Services know about your new address. File the IRS Form 8822 and submit it at the USPS.com official site ro report a change of address.
Paycheck Withholdings of a Newly-Married Couple
Talk about how much the two of you earn and how much federal taxes will be withheld from both of your paychecks. You will have to file a new Form W-4 and give it to your employer. Since both you and your spouse work and earn, you fall under a higher tax bracket and you will have to pay the additional Medicare tax.
If you don’t know how to calculate the tax, you can use a tax withholding estimator or tax calculation software to guide you.
See also about: How to protect your relationship from money problems
Filing Status of a Newly-Married Couple
After marriage, you both have to decide if you are going to file taxes jointly or separately. If you choose the former, then you will have more options in the IRA contribution and deductions. When you file separately, you will only have limited options to file the capital loss deduction. Furthermore, you will be disqualified from various tax deductions and credits.
Also Known About : Married Filing Separately
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