Couples getting married this year know there are a lot of details in planning a wedding. On top of everything, their first tax return as a married couple should be on their checklist. The IRS has tips and tools to help newlyweds consider how marriage may affect their lives.
Step 1: 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 complete and submit a new Form W-4 to their employer.
Step 2: Marriage may mean a change of name. If either/both of the newlyweds legally change their name, it’s important to report that change to the Social Security Administration. The names on the taxpayer’s return must match the names on file at the SSA.
Step 3: If marriage means a change in address, the IRS and the U.S Postal Service need to know. Newlyweds can file Form 8822, Change of Address, to update their mailing address with the IRS. Go online to USPS.com or visit your local post office to forward your mail.
Step 4: 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 premium tax credit.
Step 5: 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.
If you need tax help, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com