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Tax Considerations for Newlyweds

Posted by Admin Posted on July 18 2017

It’s wedding season (or just around the corner)! According to the popular wedding site, The Knot, the most popular months for weddings are August, September, and October. A lot of thought goes into weddings these days - from flowers and color schemes, to meal courses and DJs. It’s not surprising that many couples struggle to plan beyond their wedding day, and even less surprising that they may not understand how their tax situation will be impacted by marriage.

Here are some basic considerations to keep in mind:

  • Name and Address Changes

Name Change:

   - Inform the Social Security Administration (SSA) - when filing an income tax return, the
     names and Social Security numbers on your form must match your records at the SSA                   

         - You can report the change by filing Form SS-5

Address Change:

   - You must notify the IRS by filing Form 8822. You should also inform the U.S. Postal Service
     by visiting your local post office.


  • Withholding Tax Changes

   - Provide your employer with a new Form W-4

         - This is required – keep in mind, if both you and your new spouse are employed, your
            combined income may push you into a higher tax bracket     

                 - This IRS tool will help you fill out a new Form W-4: 


  • Filing Status Changes

Married Filing Jointly

   - Couple will report their combined income and deductions (even if one spouse has no income or
   - You can be held jointly liable for all the taxes, interest, and penalties incurred on income
     earned by your spouse

Married Filing Separately

   - Alternative status to Married Filing Jointly – can be beneficial in specific situations
   - Separate filers are often excluded from tax breaks that joint filers are eligible for

Same – Sex Couples and Domestic Partners

   - According to the IRS, “If you are legally married in a state or country that recognizes same-
     sex marriage, you generally must file as married on your federal tax return."

         - This is true even if the couple currently resides in a jurisdiction that does not recognize
            their marriage

   - Registered Domestic Partners, however, are not considered married for Federal tax purposes

It is also important to note that even newlyweds married in the upcoming most popular wedding months, will file using one of these statuses for the current tax year. For example, if you get married anytime in 2017 (1/1 - 12/31), you will be considered “married” by the IRS for the entire 2017 tax year.

You are now ready for marriage (as far as taxes go)! Enjoy your wedding day and all that comes with it!

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