This is the time of the year when many people get married. There was a recent study that said as many as 20% of women are keeping their maiden names (it was around 14% in the 1980s). But what if you are part of the other 80% that do change your name in some form or fashion. Here is a list of things you should do or consider that was recently released by the IRS.
1) Change your name legally with the Social Security Administration – make sure you do this well before you file your tax return, otherwise, be sure to use the name that is on your Social Security card or it will be rejected when you electronically file your return.
2) Don’t forget to change your federal withholding as you can now file married filing jointly with your new spouse (yes this applies to same sex couples as well). You are most likely withholding at the single rate and now that you are married, it would lower the required federal withholding from your paycheck. Be sure to call our office if you need help in determining what is right for you.
3) If you have your health insurance through the federal or state marketplace, let them know the change as that can affect the premium tax credit you receive or may no longer be eligible for. If you no longer qualify for the amount of premium tax credit you originally signed up for, you could owe some or all of it back on your next tax return.
4) If you move in with your new spouse and change your address, fill out Form 8822 to let the IRS know you have moved so that you will receive any potential notices. The IRS does not accept the accuse that you did not get the notice, especially because you move. If you don’t file the Form 8822, the IRS will update your address when you file your next tax return. It is however recommended to file it anyway as many things could happen in a short time and you don’t want to be in the dark as the IRS is getting ready to levy your wages or bank account.
If you have any questions, feel free to contact our office and we can talk you through it. Here’s to you having a long an happy marriage like me. I will be celebrating 21 years of marriage to my beautiful wife this August.
Wedding Cake Photo by Aleksandr Kutsayev. Courtesy of FreeDigitalPhotos.net