Here are some tax tips for newlyweds.
- David Greene
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(1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported to your employers on Form W-4, which your employer will have; (3) you need to plan for the possibility that you will now be in a higher tax bracket as a married couple; (4) if either spouse had a Health Insurance Marketplace plan, the change in status needs to be reported to the carrier; (5) after marriage, you can choose between two filing statuses: married filing jointly or married filing separately – most of the time jointly yields the best tax savings; (6) finally, it might be worthwhile to itemize deductions now as a married couple, but probably not with the increased standard deduction now in effect.