We were attending a dear friend’s daughter’s engagement when this thought occurred to me that most newly weds don’t think of the change in their Tax Filing Status till Tax Time. Yes, blame it on my tax “nerd”i-ness!! I don’t mean to burst the newly wed pink bubble, but these are important things to remember!
Now that DOMA, Section 3 has been over-turned by the Supreme Court as well, there’s even more details to keep in mind.
Here are several tips for newlyweds from the Internal Revenue Service:
• It’s important that the names and Social Security numbers that you put on your tax return match your Social Security Administration records. If you have changed your name, report the change to the SSA using Form SS-5, Application for a Social Security Card. This can also be accomplished by calling 800-772-1213 or by visiting your local SSA office.
• If your address has changed, file Form 8822, Change of Address to notify the IRS. You should also notify the U.S. Postal Service if your address has changed. This can be done online or at your local post office.
• If you work, report your name or address change to your employer. This will help to ensure that you receive your Form W-2, Wage and Tax Statement, after the end of the year.
• If you and your spouse both work, you should check the amount of federal income tax withheld from your pay. Your combined incomes may move you into a higher tax bracket. Use the IRS Withholding Calculator tool to help you complete a new Form W-4, Employee’s Withholding Allowance Certificate. Or contact your Tax Adviser for more information.
• If you did not qualify to itemize deductions before you were married, that may have changed. You and your spouse may save money by itemizing rather than taking the standard deduction on your tax return. You’ll need to use Form 1040 with Schedule A, Itemized Deductions.
• If you are married as of December 31, that’s your marital status for the entire year for tax purposes. Both of you can usually choose to file jointly or separately in any given year.
• You may want to figure the tax both ways to determine which filing status results in the lowest tax. In most cases, it’s beneficial to file jointly. Talk to your Tax Adviser to advise you about the best situation.
• With the DOMA over-turned, there are many changes at the state level regarding Marital Filing Status. Because of Section 2 of DOMA, the ruling does not require any state to legalize or recognize a lawful marriage from another state.
Original Post By: Manasa Nadig