Congratulations! This exciting time in your life can bring lots of changes, such as moving into a new apartment, buying a house, combining finances or joining families. It’s so fun to start out your new life together, but it’s a big adjustment too. One of those really difficult adjustments is learning a new phrase, “Our money.” You already know “your” money and “my” money, but the whole “our” money concept is a little difficult to grasp sometimes. Hopefully, this will help with the tax side of that at least. There are some other changes that you and your new spouse need to keep in mind to make sure the IRS doesn’t ruin your marital bliss.
- If you are married on December 31st, you are considered married for the whole year.
- When filing, the name and social security number (SSN) of each person must match that on file with the Social Security Administration (SSA).
- A spouse can never be claimed as a dependent, even if he or she had no income.
- Each spouse should review and probably change their Form W-4 to reflect the change in filing status. Use the IRS Withholding Calculator.
- Newlyweds Tax Tips (pdf)
Read more about Newlyweds and Taxes….
