The IRS has advised newly married couples to update their tax information before the next tax filing season. The agency said marriage can change a couple’s taxes, so taking a few simple steps now can help make filing a tax return easier. If either spouse changes their name, they should report it to the Social Security Administration so it matches Social Security records and helps avoid delays in processing their tax return. In addition, couples who move to a new home should update their address with the IRS by filing Form 8822, Change of Address, and also inform their employers, financial institutions and local post office about the new address.
The IRS also reminded couples to check their tax withholding because marriage may change the amount of tax they owe. Newly married employees should give their employers a new Form W-4, Employee’s Withholding Certificate, within 10 days after getting married. If both spouses work, they could move into a higher tax bracket or have to pay the additional Medicare tax. They can also use the IRS Tax Withholding Estimator to make sure the correct amount of tax is being withheld from their paychecks. Moreover, a couple’s marital status on December 31 decides their filing status for the whole year, and they can choose to file their tax return jointly or separately. Although filing jointly is often the better option, couples should compare both methods to see which one gives them the best result. Finally, the IRS advised couples to keep important tax records, including Forms W-2, Forms 1099 and prior-year tax returns, and review available tax credits and deductions so they can avoid problems and be better prepared for the next tax season.
