Taxes may not be high on your
summer wedding plan checklist. But you should be aware of the tax issues
that come along with marriage. Here are some basic tips that can help
keep those issues to a minimum:
Name change. The
names and Social Security numbers on your tax return must match your
Social Security Administration records. If you change your name, report
it to the SSA. To do that, 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 tax withholding. A change in your marital status means you must give your employer a new Form W-4,
Employee's Withholding Allowance Certificate. If you and your spouse
both work, your combined incomes may move you into a higher tax bracket.
Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4. See Publication 505, Tax Withholding and Estimated Tax, for more information.
Changes in circumstances. If you receive advance payment of the premium tax credit in 2014, it is important that you report changes in circumstances,
such as changes in your income or family size, to your Health Insurance
Marketplace. You should also notify the Marketplace when you move out
of the area covered by your current Marketplace plan. Advance payments
of the premium tax credit provide financial assistance to help you pay
for the insurance you buy through the Health Insurance Marketplace.
Reporting changes will help you get the proper type and amount of
financial assistance so you can avoid getting too much or too little in
advance.
Address change. Let the IRS know if your address changes. To do that, file Form 8822, Change of Address, with the IRS. You should also notify the U.S. Postal Service. You can ask them online at USPS.com to forward your mail. You may also report the change at your local post office.
Change in filing status.
If you’re married as of Dec. 31, that’s your marital status for the
whole year for tax purposes. You and your spouse can choose to file your
federal income tax return either jointly or separately each year. You
may want to figure the tax both ways to find out which status results in
the lowest tax.
Note for same-sex married couples: If
you are legally married in a state or country that recognizes same-sex
marriage, you generally must file as married on your federal tax return.
This is true even if you and your spouse later live in a state or
country that does not recognize same-sex marriage. See irs.gov for more information on this topic.
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