It’s that time of the year when many people walk down the aisle and vow to be together till “death do us part”.
Both Don and Jan are excited about the upcoming event of their lives! While wedding bells ring in happiness
and bliss, it also ushers in tax worries among other concerns. Summertime is the most traditional time of year
for weddings. They paid a visit to their tax professional and were instructed on what to do next.

Although we usually associate marriage with Love, Roses and Cake: If you’re walking down the aisle, here is a
checklist of TAX matters to consider:

• Make sure you change your name with the Social Security Administration.

This can be done by mail, in person at your local SSA office, or in some cases online at SSA.gov —
check SSA.gov for the current options available to you. You will need to file Form SS-5, Application for
a Social Security Card, and provide documents supporting your legal name change, such as an original
or certified copy of your marriage certificate. The Social Security Administration is better staffed and
much faster than ever before. If you go in person, you will probably be out very quickly. We dread going
to any government office, but this one is on our side.

• If you move, be sure to change your address formally. (IRS, financial institutions you have
  accounts with, and your employer for W2’s. File Form 8822 with the IRS. This lets them know
  your new address, so any refunds or notices will not be delayed).

Each company or government agency you do business with needs to know your new address in writing
to be effective. A phone call does not guarantee the update will occur. Be sure to ALWAYS send such
mail certified, so it can be tracked and proven that you notified them.

• Your marital status, as of the last day of the year, will determine your tax filing status.

No matter what day you are married or divorced, your status as of December 31 each year is your tax
status. Once you are either married or divorced, be sure to calculate the impact of any marriage penalty
to see whether you need to change your income tax withholdings with your W4. (Remember, if you
divorce, you lose at least one tax benefit, maybe more if your former spouse takes the children; and this
will cost you more taxes at year’s end.)

• Changes in circumstances.

The IRS reminds newlyweds to add a health insurance review to their to-do list. This is particularly
important if you receive premium assistance through advance payments of the premium tax credit via a
Health Insurance Provider or Marketplace. If you, your spouse, or a dependent gets health insurance
coverage through the Marketplace, you need to let the Marketplace know you got married. Informing
the Marketplace about changes in circumstances, such as marriage or divorce, allows the Provider or
Marketplace to help make sure you have the right coverage for you and your family and adjust the
amount of advance credit payments that the government sends to your health insurer. Reporting the
changes will help you avoid having too much or not enough premium assistance paid to reduce your
monthly health insurance premiums. Getting too much premium assistance means you may owe
additional money or get a smaller refund when you file your taxes. Getting too little could mean missing
out on the monthly premium assistance that you deserve. You should also check whether getting

married affects your, your spouse’s, or your dependents’ eligibility for coverage through your employer
or your spouse’s employer, because that will affect your eligibility for the premium tax credit.

Other changes in circumstances that you should report to the Health Provider or Marketplace include:

• The birth or adoption of a child,
• Divorce,
• Getting or losing a job,
• Moving to a new address, gaining or losing eligibility for employer or government-sponsored health care
  coverage, and
• Any other changes that might affect family composition, family size, income, or your enrollment.

In addition, certain life events – like marriage – give you and your spouse the opportunity to sign up for health
care during a special enrollment period. That means if one or both of you are uninsured, you may be able to
get coverage now. In most cases, the special enrollment period for Marketplace coverage is open for 60 days
from the date of the life event.

• Update your Will and other Estate planning documents annually.

IRAs, insurance policies, and 401(k)s all need to be reviewed and/or updated to reflect who the new
beneficiary will be. Now that you are married, your spouse will typically become your primary
beneficiary — replacing whoever was named before — so be sure to update all beneficiary
designations to reflect that change in case something happens to you.

• Credit scores ALWAYS remain single.

Did you know that once you are married, your individual credit file and your credit score remain yours
alone? Newly married couples may finance a home, a car, and other household items as a unit. This
fact can confuse the issue, as it leads people to think that they now have a joint credit file and a joint
credit score. That is not the case. When you apply for credit as a co-applicant, both credit files are
pulled and considered by the lender. Given that a couple’s personal credit is dictated by two individual
credit files, it is important to order free credit reports for both yourself and your spouse, and to provide
identity protection for both.

• Tax worries of a new spouse do not have to become problems for the other new spouse.

Be sure to consult with a tax professional before you marry. There may be tax issues from a former life
or marriage that can haunt you in the new marriage. But there are also ways to make sure that the new
marriage is NOT haunted by problems of the past. (Consider filing an Injured Spouse Form 8379).

Call today, don’t delay! See how this affects you. We can be reached at 602-264-9331 and on all social media under azmoneyguy.

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