Advice to Newlyweds from
the IRS
It may not be
high on the list of wedding planning activities,
but there are a few, simple steps that can help
keep tax issues from interrupting newly-wedded bliss,
according to the Internal Revenue Service.
With the wedding
season in full swing, the IRS advises the soon-to-be
married and the just married review their changing
tax status. Choosing the right tax form and filing
status can help save money – and even prevent
problems with missing a refund check.
Among those tax-related
changes that newlyweds should think about now are
notification of change of name and change of address.
Later, as filing season approaches, they should
consider itemizing their deductions, selecting the
right tax return form to use and choosing their
filing status.
No one should
delay the cake cutting or honeymoon because of taxes.
But here are some helpful hints for later:
Use
the Correct Name
Taxpayers must provide correct names and identification
numbers to claim personal exemptions or the Earned
Income Tax Credit on their tax returns. A taxpayer
who changes his or her last name upon marrying should
let the Social Security Administration know and
should update his or her Social Security card so
the number matches the new name. Form SS-5, “Application
for a Social Security Card,” is available
through the SSA Web site at www.ssa.gov or by calling
toll-free 1-800-772-1213.
Report
your Change of Address
If one or both spouses are changing their address,
they should notify the IRS, as well as the U.S.
Postal Service, to be sure they receive any tax
refunds or IRS correspondence. It´s a simple
process. All they have to do is send in Form 8822,
“Change of Address Form,” which is available
by calling the IRS at 1-800-TAX-FORM (1-800-829-3676),
at most local IRS offices, or on the IRS Web site
at www.irs.gov . Or they can write to the IRS center
where they filed their most recent return. They
should include their full name, old and new addresses,
SSN and signature. And they should remember to let
their employers know about any changes to their
name or address so they can receive their paychecks
and W-2s.
Get
that Refund Check
Each year, thousands of tax refund checks are returned
by the Post Office to the IRS as undeliverable,
usually because the recipient has moved. Notifying
both the Post Office and the IRS of an address change
in a timely manner can help ensure the proper delivery
of any refund checks. To check the status of a tax
refund, use the “Where´s My Refund”
service on the IRS Web site or call the toll-free
automated refund line at 1-800-829-4477. If a refund
check was returned to the IRS as undeliverable,
call the IRS toll-free customer service line at
1-800-829-1040 to arrange for reissuance.
Select
the Right Form
Choosing the right individual income tax form can
help save money. Newly married taxpayers may find
that they now have enough deductions to itemize
on their tax returns.
Deductions for
money paid for medical care, mortgage interest,
contributions, casualty losses and certain miscellaneous
costs can reduce federal taxes. Form 1040, which
is used to report all types of income, deductions
and credits, is the one to use if itemizing. Forms
1040EZ and 1040A do not allow such itemization.
Taxpayers who
do not receive their preferred form in the tax package
sent to them during filing season may obtain the
form from the IRS Web site, at a local IRS office,
or by calling the toll-free Forms and Publications
line at 1-800-TAX-FORM (1-800-829-3676).
Choose
the Best Filing Status
A person´s marital status on December 31 determines
whether the person is considered married for that
year. The tax law allows married couples to choose
to file their federal income tax return either jointly
or separately in any given year. Choosing the right
filing status can help save money.
A joint return
(Married Filing Jointly) allows spouses to combine
their income and to deduct combined deductions and
expenses on a single tax return. Both spouses must
sign the return and both are held responsible for
the contents.
With separate
returns (Married Filing Separately), each spouse
signs, files and is responsible for his or her own
tax return. Each is taxed on his or her own income,
and can take only his or her individual deductions
and credits. If one spouse itemizes deductions,
the other must also.
Figuring the
tax both ways can determine which filing status
will result in the lowest tax usually, it’s
filing jointly. More detailed information on filing
status can be found in Publication 501, “Exemptions,
Standard Deduction, and Filing Information,”
on the IRS Web site.
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more about Newlywed Life
