Tax Tips for Recently Married Taxpayers

Article Summary:

• Social Security Administration
• Internal Revenue Service
• U.S. Postal Service
• Withholding & Estimated Tax Payments
• Health Insurance Marketplace

This is the time of year for many couples to tie the knot.  If you marry during 2015, here are some post-marriage tips to help you avoid stress at tax time.

1. Notify the Social Security Administration−Report any name change to the Social Security Administration so that your name and SSN will match when filing your next tax return.  Informing the SSA of a name change is quite simple.  File a Form SS-5, Application for a Social Security Card at your local SSA office.  The form is available on SSA’s Web site,by calling 800-772-1213, or at local offices.  Your income tax refund may be delayed if it is discovered your name and SSN don’t match at the time your return is filed.
2. Notify the IRS– If you have a new address, you should notify the IRS by sending Form 8822, Change of Address.
3. Notify the U.S. Postal Service-You should also notify the U.S. Postal Servicewhen you move so that any IRS or state tax agency correspondence can be forwarded.
4. Review Your Withholding and Estimated Tax Payments-If both you and your new spouse work, your combined income may place you in a higher tax bracket, and you may have an unpleasant surprise when we prepare your return for 2015.  On the other hand, if only one of you works, filing jointly with your new spouse can provide a significant tax benefit, enabling you to reduce your withholding or estimated payments. In either case, it may be appropriate to review your withholding (W-4 status) and estimated tax payments, if any, for 2015 to make sure that you are not going to be under-withheld and that you don’t set yourself up to receive bad news for the next filing season.
5. Notify the Marketplace – If you or your spouse has health insurance through a government Marketplace (Exchange), you must notify the Marketplace of your change in marital status. If you were included on a parent’s health insurance policy through a Marketplace, then the parent must notify the Marketplace.  Failure to notify the Marketplace can create tax filing problems.

If you have any questions about the impact of your new marital status on your taxes, please give this office a call.