A taxpayer’s filing status is primarily determined by their marital status on the last day of the year. Specifically, a taxpayer’s situation as of December 31, 2024, will dictate their tax filing options for the entirety of 2024.
Under IRS guidelines, individuals are typically classified as married if they are separated but not legally divorced as of year-end. This marital classification can significantly influence various tax elements, including filing requirements, standard deductions, and eligibility for specific credits. For detailed guidelines on filing statuses, it is advisable to consult Publication 504, Divorced or Separated Individuals which addresses tax considerations for divorced or separated individuals. For those experiencing a change in marital status in 2024, here are several important actions to consider:
Notify of a Name Change
If you change your name, it is essential to report this to the Social Security Administration (SSA). The name on your tax return must align with the SSA’s records; discrepancies can result in delays in receiving your tax refund. To update your information, you can visit the SSA’s website and search for “Change name with Social Security.” Additionally, you can call the SSA at 800-772-1213 or visit a local SSA office for assistance.
Update Your Address
It is important to inform the U.S. Postal Service, your employers, and the IRS about any changes to your address. Taxpayers have multiple avenues to notify the IRS of an address change. regarding an address update.
Review Your Withholding
A shift in marital status may alter the amount of tax that should be withheld from your paycheck. To prevent unexpected tax liabilities, use the IRS Tax Withholding Estimator to determine the appropriate withholding amount. Based on this estimation, complete a new Form W-4, Employee’s Withholding Certificate, Employee’s Withholding Certificate, and submit it to your employer. This form can also be used to inform your employer not to withhold federal income tax, but this exemption requires that you had no tax liability in the previous year and do not expect one in the current year.
Evaluate Your Filing Status
For newlyweds, it is vital to assess the available filing status options for the upcoming tax year. Couples have the choice to file their federal income taxes either jointly or separately; thus, it’s prudent to calculate both scenarios to ascertain the most beneficial option. Keep in mind that if a couple is married as of December 31, the IRS considers them married for the entire year when determining tax obligations.
Being proactive with these steps can help you navigate the complexities of your tax filings following changes in marital status, ensuring compliance and potential savings.
