Junior Rasmussen
Getting married has a significant impact on your tax situation. Newlyweds should consider changing their withholding by giving their employers a new Form W-4, Employee's Withholding Certificate, within 10 days. If both spouses work, they may move into a higher tax bracket or be affected by the additional Medicare tax. They can use the Tax Withholding Estimator on IRS.gov to check their withholding and for help completing a new Form W-4. Married couples can choose to file their federal income taxes jointly or separately each year. While filing jointly is usually more beneficial, it's best to figure the tax both ways to find out which makes the most sense. If a couple is married as of December 31, the law says they're married for the whole year for tax purposes.
| Characteristics | Values |
|---|---|
| Name change | If a name changes through marriage, it must be reported to the Social Security Administration (SSA). The name on the tax return must match the name on file at the SSA. To update the name, Form SS-5 must be filed. |
| Address change | If the address changes due to marriage, the IRS and the U.S. Postal Service must be notified using IRS Form 8822, Change of Address. |
| Withholding | Couples should consider changing their withholding after marriage. They must give their employers a new Form W-4, Employee's Withholding Certificate, within 10 days. The Tax Withholding Estimator on IRS.gov can help complete the form. |
| Tax filing | Married couples can choose to file their federal income taxes jointly or separately each year. Filing jointly is usually more beneficial, but it is recommended to calculate taxes both ways. |
| Tax brackets | If both spouses work, they may move into a higher tax bracket or be subject to additional Medicare tax. This is known as the marriage tax penalty. |
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What You'll Learn
- Notify the Social Security Administration (SSA) of name changes
- Submit Form W-4, Employee's Withholding Certificate, to employers
- Understand the impact of marriage on tax brackets
- Decide whether to file federal income taxes jointly or separately
- Notify the IRS and postal service of any change of address
Notify the Social Security Administration (SSA) of name changes
Newly married couples must notify the Social Security Administration (SSA) of name changes as soon as possible. This is because the name on a person's tax return must match what is on file at the SSA. If it doesn't, it could delay any tax refund.
To update information, taxpayers should file Form SS-5, Application for a Social Security Card. The form is available on SSA.gov, by calling 800-772-1213 (TTY 800-325-0778), or at a local SSA office. It is important to note that if marriage results in a change of address, the Internal Revenue Service (IRS) and the U.S. Postal Service should also be notified. To do this, individuals should send the IRS Form 8822, Change of Address, and notify the postal service by going online or visiting their local post office.
In addition to updating personal information, newly married couples should consider changing their withholding. They must provide their employers with a new Form W-4, Employee's Withholding Certificate, within 10 days of getting married. If both spouses work, they may move into a higher tax bracket or be subject to the additional Medicare tax. To determine their withholding, couples can use the Tax Withholding Estimator on IRS.gov and review Publication 505, Tax Withholding and Estimated Tax.
When it comes to filing taxes, married couples have the option to file their federal income taxes jointly or separately each year. While filing jointly is often more beneficial, it is recommended that couples review their specific situation to determine the best approach. If a couple is married as of December 31, they are considered married for the entire year for tax purposes.
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Submit Form W-4, Employee's Withholding Certificate, to employers
If you've recently tied the knot, congratulations! Now, let's help make your tax filing easier.
As a newly married couple, you should consider changing your withholding by submitting a new Form W-4, Employee's Withholding Certificate, to your employers within 10 days. This is because your tax situation may change due to your marital status. If both spouses are employed, your combined income may move you into a higher tax bracket or make you subject to the additional Medicare tax. To determine the correct amount of federal income tax to withhold from your paychecks, you can use the Tax Withholding Estimator on IRS.gov or seek guidance from Publication 505, Tax Withholding and Estimated Tax.
To update your withholding, you and your spouse will each need to complete a new Form W-4. This form will consider factors such as your income, credits, and deductions. TurboTax offers a W-4 Withholding Calculator that can guide you through the process and provide instructions for completing the form. Once you've finished filling out the form, simply submit it to your respective employers, and they will handle the rest.
Remember, your marital status as of December 31 determines your tax filing options for the entire year. As a married couple, you can choose to file your federal income taxes jointly or separately each year. While filing jointly often provides the most benefits, it's best to calculate your taxes both ways to determine the most advantageous approach for your specific situation.
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Understand the impact of marriage on tax brackets
Marriage can have a significant impact on a couple's tax situation, and it's important to understand how tax brackets and other aspects of the tax code change for married couples. Newly married couples must navigate new tax moves, from tax brackets to deductions, and while it may not be the most exciting part of getting married, getting it right can be very satisfying.
Firstly, it's important to note that a couple's marital status as of December 31 determines their tax filing options for the entire year. So, if a couple is married as of December 31, they are considered married for the whole year for tax purposes.
One of the main ways marriage affects tax brackets is through the concept of the "marriage tax penalty". This occurs when a married couple ends up paying more income tax than they would have if they had remained single and filed separately. This happens because the tax brackets, standard deductions, and other aspects of the tax code available to married couples are not always double those available to single taxpayers. As a result, a couple may find themselves in a higher tax bracket after getting married, especially if both spouses work.
However, it's important to note that Congress has taken steps to reduce the effects of the marriage tax penalty. In recent tax reforms, the revised tax brackets have thresholds for six of the seven tax brackets for married couples filing joint returns set at exactly double those available to single filers. This means that, in some cases, marriage can lead to a "marriage bonus", where a married couple pays less tax than two similar single people. This occurs when an income threshold or other dollar amount for joint filers is more than twice the amount for singles. For example, if one spouse earns significantly more than the other, their combined income may place them in a lower tax bracket, reducing their overall tax bill.
In addition to tax brackets, marriage also affects other aspects of a couple's taxes, such as deductions, filing status, and tax credits. Married couples can choose to file their federal income taxes jointly or separately each year, and they should consider the impact of each option on their specific financial situation. While filing jointly is usually more beneficial, it's best to calculate taxes both ways to determine the most advantageous approach.
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Decide whether to file federal income taxes jointly or separately
Newly married couples have the option to file their federal income taxes jointly or separately each year. While filing jointly is usually more beneficial, it is recommended that taxpayers figure the tax both ways to determine which approach is most suitable for their circumstances.
If a couple is married as of December 31, they are considered married for the entire year for tax purposes. If both spouses work, they may move into a higher tax bracket or be affected by the additional Medicare tax. They can use the Tax Withholding Estimator on IRS.gov to check their withholding and for help completing a new Form W-4, Employee's Withholding Certificate.
Married filing jointly means that the couple will combine their income, deductions, and credits into one tax return with the same tax rate. Both spouses are responsible for any taxes, interest, or penalties due to the IRS. If a refund is owed, they can choose to receive multiple cheques or direct deposits to multiple accounts.
On the other hand, married filing separately means each spouse files their own tax return, for a total of two returns. Each spouse is taxed on their individual income and can only take deductions or credits that they qualify for individually. They must agree on whether to itemize deductions or take the standard deduction.
Couples should consider their unique circumstances and financial goals when deciding whether to file jointly or separately. Filing jointly typically results in a larger standard deduction, reducing taxable income. It also provides more opportunities for tax breaks, such as IRA contributions and education credits. However, filing separately may be advantageous in certain situations, such as when one spouse has significant medical expenses or if they wish to avoid being held responsible for their spouse's tax liabilities.
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Notify the IRS and postal service of any change of address
If your wedding involves a change of address, you must notify the IRS and the U.S. Postal Service. This is to ensure that you continue to receive any tax refunds or IRS correspondence.
There are several ways to do this. If you change your address before filing your tax return, simply enter your new address on your return when you file. Your return preparer should also be informed. If you change your address after filing your tax return, you should notify the post office that services your old address. It is also important to directly notify the IRS, as not all post offices forward government checks. To do this, you can complete Form 8822, Change of Address (For Individual, Gift, Estate, or Generation-Skipping Transfer Tax Returns) and send it to the address on the form. Alternatively, you can complete Form 8822-B, Change of Address or Responsible Party — Business, and send it to the address on the form.
If you filed a joint tax return and now have separate residences, each taxpayer should notify the IRS of their new, separate address. You should include your SSN (and the name and SSN of your spouse) in any correspondence with the IRS. You may also call the IRS to inform them of your changing address, providing your Social Security number, individual taxpayer identification number, or employer identification number. The IRS may request additional information to verify your identity. If the change of address relates to an employment tax return, the IRS issues confirmation notices (Notices 148A and 148B) for the change to both the new and former addresses.
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Frequently asked questions
If your name has changed after getting married, you need to report it to the Social Security Administration (SSA) as soon as possible. You can do this by filing Form SS-5, Application for a Social Security Card.
If your address has changed after getting married, you need to notify the IRS and the U.S. Postal Service. To do this, fill out and send IRS Form 8822, Change of Address.
If you want to change your withholding after getting married, you need to fill out a new Form W-4, Employee's Withholding Certificate, and submit it to your employer within 10 days.
After getting married, you can choose to file your federal income taxes jointly or separately each year. You can use Form 1040 to file separately, or Form 1040, 1040SR, or 1040-NR to file jointly.
