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
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
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
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
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.