If you are getting married this summer, taxes are probably the last thing on your mind. After you have settled down, though, it will help you in your financial planning to know how marriage is going to affect your tax duties. Some of the changes newly married couples face are shared below:
If you’ve taken your partner’s name, you’ll need to get it updated on your Social Security Administration records. The names and Social Security numbers on your tax return must match your Social Security Administration records. In order to update your name, you will need to file Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov, by calling 800-772-1213 or from your local SSA office.
Change in Tax Withholding
If both you and your spouse work, your income may reach a higher tax bracket should you choose to file jointly. A change in your marital status requires you to give to your employer a new Form W-4, Employee’s Withholding Allowance Certificate. You may visit the IRS website – IRS.gov – to help you complete a new Form W-4.
Premium Tax Credit
If you receive advance payment of the premium tax credit in 2014, you must report changes in circumstances – such as updates in your income or family size – to your Health Insurance Marketplace. This will help to ensure the advance payment of the premium tax credit is calculated accurately.
Change in Address
If you changed your address, you will need to report it to the IRS by filing Form 8822, Change of Address. Also, you’ll want to get your address updated with the U.S. Postal Service.
Filing Status for Same-Sex Married Couples
If you are legally married in a state or country that recognizes same-sex marriage, then you can file as married on your federal tax return. This is true even if you and your spouse later move to a state that does not recognize same-sex marriage.