Summer wedding season is fast approaching. Planning a wedding is often overwhelming, but there’s no need to figure out how the wedding will affect a couple’s tax situation. Here are some things couples should think about as they prepare for the big day.
Changes of name and address
People who change their name after marriage should report it to the Social Security Administration as soon as possible. The name on a person’s tax return must match what is registered with the SSA. Failure to do so could delay any tax refunds. To update information, taxpayers must complete Form SS-5, Application for a Social Security Card. It is available at SSA.gov, by calling 800-772-1213, or at a local SSA office.
If the marriage means a change of address, the IRS and the US Postal Service need to know. To do this, people must submit IRS Form 8822, Change of Address. Taxpayers should also notify the Postal Service to forward their mail by going online to USPS.com or their local post office.
After getting married, couples should consider changing their withholding tax. Newly married couples must give their employer a new Form W-4, Employee Retention Allowance within 10 days. If both spouses work, they may move to a higher tax bracket or be affected by the additional Medicare tax. They can use the Tax Withholding Estimator on IRS.gov to complete a new W-4 form. Taxpayers should see Publication 505, Tax Withholding and Estimated Tax for more information.
Married people can choose to file their federal income taxes jointly or separately each year. For most couples, joint filing makes the most sense, but each couple should consider their own situation. If a couple is married on December 31, the law says they are married for the full year for tax purposes.