Couples getting married this year know there are a lot of details in planning a wedding.
Along with the cake and gift registry, their first tax return as a married couple should be on their checklist. We have a few tips to help newlyweds consider how marriage may affect their taxes.
Here are five simple tips that can make filing their first tax return as newlyweds less stressful.
Taxpayers should check their withholding at the beginning of each year, or when their personal circumstances change — like after getting married. Taxpayers who need to change their withholding should let us complete a new Form W-4, Employee’s Withholding Allowance Certificate, to submit their employer.
Marriage may mean a change in name. If either – or both – of the newlyweds legally change their name, it’s important to report that change to the Social Security Administration. The names on the taxpayers’ tax return must match the names on file at the SSA.
If a marriage means a change in address, the IRS needs to know. We can file Form 8822, Change of Address, to update the newlyweds mailing address with the IRS.
Taxpayers who receive advance payments of the premium tax credit should report changes in circumstances to their Health Insurance Marketplace as they happen. Certain changes to household, income or family size may affect the amount of the premium tax credit. This can affect a tax refund or the amount of tax owed. Taxpayers should also notify the Marketplace when they move out of the area covered by their current Marketplace plan.
Newlyweds should consider their filing status. A taxpayer’s marital status on December 31 determines whether they’re considered married for that full year. Generally, the tax law allows married couples to file their federal income tax return either jointly or separately in any given year.
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