Weddings are a wonderful thing, the union of two people, the consummation, the love. It’s also a legal process, and that means your taxes will also have to change again. You don’t have to relearn how to get a tax ID in Michigan, but there will be changes to how you handle your taxes.
Here are some tips.
The moment you get married, you’ll be considered married for the tax year; the whole year, even if you get hitched on the 31st of December. You, of course, have the choice of to file separately from your spouse, but there are advantages to filing jointly, as you’re jointly liable for any taxes owed.
One spouse owes taxes.
If you’re afraid that the IRS will take back any taxes from your spouse, you can file for Injured Spouse, or, officially, File Form 8379, Injured Spouse Allocation, with your prepared IRS income tax return. The purpose of this form is to get your share of the portion of the tax returns, so that the IRS will release your cut, and apply your spouse’s portion of the refund to what you’ll get.
Establish your spouse’s IRA.
If your spouse isn’t able to take a deduction for IRA contributions, you can make tax-deductible contributions to their IRA, with a little work. Remember that you can’t take deductions for IRA contributions if you’re covered by a company retirement plan.
When you get hitched, you’ll have to make a lot of changes. Like we’ve said, you don’t need to relearn how to get a tax ID in Michigan, but you may have to go through some hoops. One change is that you need to change your name, to meet your post-matrimony info. Get your hands on a copy of Form SS-5 Application for Social Security Card to legally change your name.
Similar issue to the tidbit above. For this one, you’ll need a copy of Form 8822, Change of Address so that the IRS can be updated on your newest address. You can also just use your newest address when you file tax returns to tell the IRS that you changed your address.
Change Tax Withholding
You’ll also need to ask your employer for changes on your tax withholdings if you get hitched. They’ll hand you a Form W-4, Employee’s Withholding Allowance Certificate, which you’ll fill up. Remember, that you need to put the combined income of both you and your spouse.