Tax Tip Tuesday: How Getting Married Affects Your Taxes
July 26, 2016
Getting married is a major life event. But it also means some important tax changes. Here's what you need to know if you have recently gotten married or plan to soon.
The names and Social Security numbers on your tax return must match your Social Security Administration (SSA) records. If you change your name, report it to the SSA. To do that, you will need to file Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov, by calling 800-772-1213, or from your local SSA office.
You will also need to file a new Form W-4, Employee's Withholding Allowance Certificate for your employer. This should include any name and address changes.
If you’re married as of December 31st, that’s your marital status for the whole year for tax purposes.
If you or your spouse purchased a Health Insurance Marketplace plan and receive advance payments of the premium tax credit in 2016, it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace when they happen. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan.
We will be taking a two week break and will be back with a new edition of Tax Tip Tuesday on Tuesday, August 15th.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.