Newlyweds Have Special Tax Considerations – Did You Know?
If you get married in 2022, you may need to update your tax planning and report new information to the IRS and Social Security Administration (SSA). In particular, newly married couples should:
– Report any name changes to the SSA and get a new Social Security Card (link below)
– Report any address changes to the IRS and the U.S. Postal Service
– Recheck their paycheck withholding and/or estimated tax payment amounts. Marriage can affect your tax rate, as well as your deductions and credits. You can use the IRS Withholding Calculator (link below) to make sure you are staying on track.
One of the biggest tax decisions you will need to make as a newly married couple is whether to file separate returns or file jointly. A tax professional can help you determine which status is most advantageous for you.
Social Security Administration: https://www.ssa.gov/myaccount/
IRS Withholding Estimator: https://apps.irs.gov/app/tax-withholding-estimator