Wedding bells will soon be heard in the air! June followed by September and October are the most common months to get married. However, in tax law, if you are married by the end of the year, you are considered married for the entire year. This is just one of the changes. Marriage can make more changes in your tax situation, some good, and some bad.
Some more of the changes are listed below. These also apply to same-sex marriages.
Change in Filing Status:
If your name changes with marriage, you should contact Social Security. The IRS uses records from Social Security to cross check Social Security numbers with names. It would be wise to file Form SS-5 (application for a Social Security card) to correct the situation. Your Social Security number will remain the same.
You should file Form 8822 with the IRS.
If you purchased health insurance through the Health Insurance Marketplace, you could have a change in your premium credit. Reporting the change could avoid a tax surprise.
Your current withholding on your job as a single person is higher than the married rate. The married withholding tax tables were set in place during a time when families had one-wage earner. Now it’s more common for both to work. The married tax tables work great for the one earner family, but it wise to use single tax tables, if both of you work.
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