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Add These Tax Items to Your Wedding Checklist

TaxAlerts Tax Article

August 2015 | Written by: Charla Woods

If you are getting married this summer, we know you are probably knee-deep in budget spreadsheets, bridal party fittings, and catering selections - all while fielding dozens of calls from well-intentioned family and friends who are just trying to help out. And while we are sure you don't want to add anything tax-related to your ever-growing to-do list, there are a few things it might serve you well to take care of, so that you will have no surprises come the end of the tax year.

  • Determine how much tax you and your spouse should be withholding from each paycheck. After marriage, the withholding rate will be automatically reduced for both individuals. If you would like to receive a tax refund – or at least break even – use the IRS Withholding Calculator to determine how much tax should be coming out of each paycheck. Then, pull the figures from that calculator to submit revised W-4 forms to your employers.
  • If you are going to be taking a new last name after marriage, you will need to fill out and file Form SS-5 with the Social Security Administration to make it official! That way, come tax time, the name and social security number on your tax return will match the information in the SSA system. (Once the SSA system has been updated, you should also take care to update your name change with the DMV, so that all your necessary documentation will match. This will help alleviate any possible confusion and make your life easier in the long run!)
  • If you and your spouse plan to move to a new residence after you say your vows, you will need to inform the IRS of your change in location by filling out and filing Form 8822. You should also let the U.S. Postal Service in on your move to ensure that no essential mail is missed or misplaced during the transition to your new home.
  • If your marriage will be made official by December 31 of this year, meet with your tax advisor tax to determine which filing status – joint or separate – will be the least "taxing" on you and your spouse. Or, if you do your own taxes, you can use the planning tool in your tax program to figure it out. Additionally, make sure to report the change in your circumstances – marital status, updated address, etc. – to the Health Insurance Marketplace to ensure that your payments, credits, and refunds will be correctly calculated on your 2015 tax return.

For questions or concerns pertaining to taxes and marital status, please call the IRS or visit the Internal Revenue Service website at IRS.gov.