It may not be as high on the wedding plan checklist as the venue, invitations, and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding.
Name change. Any time names are changed, it should be reported to the Social Security Administration (SSA). The name associated with the individual’s Social Security Number (SSN) should match the name on the tax return. To change the name with the SSA, file Form SS-5, Application for Social Security Card. The form is available from www.ssa.gov, by calling (800) 772-1213, or from the local SSA office.
Address change. Let the IRS know about an address change by filing Form 8822, Change of Address. Also notify the U.S. Postal Service at www.usps.com to forward mail. You may also report the change at your local post office.
Change tax withholding. A change in marital status requires a new Form W-4, Employee’s Withholding Allowance Certificate, be furnished to employer(s). Combined incomes may move the taxpayers into a higher tax bracket. Search www.irs.gov for the IRS withholding Calculator tool for help completing the new Form W-4.
Change in filing status. Marital status is determined as of December 31st each year. Spouses can choose to file jointly or separately each year. We can help you make that determination by calculating your tax liability both ways.
Change in circumstances. Taxpayers receiving an advance payment of the healthcare premium tax credit in 2014 should report changes in circumstances such as a change in income or family size, to the Health Insurance Marketplace. Also, the Marketplace should be notified when you move out of the area covered by your current Marketplace to ensure you get the proper type and amount of financial assistance.