Don’t wait too long after the wedding to spend a little time on tax matters. Here’s a checklist of things to consider.
* If you’ve taken your spouse’s last name or hyphenated your last name, you need to notify the Social Security Administration. The agency will link your new name to your social security number and issue a new social security card.
* Update your will and other estate planning documents. Don’t forget to review the beneficiaries on your IRAs, 401(k) plan, and life insurance policies. You’ll want to make sure your documents are updated and taxes are minimized in the event of your disability or death.
* If you move to a new home, send a change of address to the IRS, the financial institutions where you have accounts, and current-year employers. Then your W-2s and IRS notices will find their way to you.
* Your marital status for tax filing is determined by your status on the last day of the year. Determine if there is a marriage penalty. See whether you need to change your income tax withholding. File a new Form W-4 with your employer’s payroll department to notify them of your name change and any withholding change.
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Tags: filing jointly
Written by: Doug Rodrigues