Getting married typically involves pages and pages of checklists. The IRS has five items to add to your list to avoid complications and headaches for your current year taxes. Regardless of when you marry during the year, your marital status changes for the entire year. You’ll have some time to determine whether to file jointly or separately, but first take care of these tasks after the wedding:
- Notify the Social Security Administration of a name change. If your name changes, then you’ll need a new Social Security card. When you file your tax return, the name and social security numbers must match the Social Security Administration records. You can start the process online with the SSA, or call 800-772-1213.
- Provide your employer with an updated Form W-4. Even if you intend to file separately, the IRS needs a revised Form W-4 (Employee’s Withholding Allowance Certificate) with your current marital status. Your combined income may put you in a different tax bracket, or make you eligible for the Additional Medicare Tax. If you’re an independent contractor, you need to provide employers with a revised Form W-9 if you have a name change.
- Complete a change of address form with the IRS. If either or both spouses move, the IRS needs your new address via Form 8822.
- Determine any changes to health insurance. A spouse may now be eligible to receive insurance through the other spouse’s employer. If currently covered through the Health Insurance Marketplace, then you must notify the Marketplace of any change in address. Your benefits may change with regard to changes in income or family size circumstances, especially if you receive advance payments of the premium tax credit. You want to make sure that you get the right amount of financial assistance. Too much or too little may affect your tax refund or balance due.
- Consider itemizing tax deductions. Combining households may justify itemizing deductions that can save you money on taxes. If you think that’s the case, be mindful of possible tax deductions so that you have the proper records when it’s time to file.
A Salmon Sims Thomas tax advisor is a good resource for determining the best filing status and other tax decisions that come with a new marriage.