From IRS Tax Tips:
Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes.? Here are several tips from the IRS for newlyweds.
- It?s important that the names and Social Security?numbers that you put on your tax return match your Social Security Administration records. If you?ve changed your name, report the change to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get this form on their website at SSA.gov, by calling 800-772-1213 or by visiting your local SSA office.
- If your address has changed, file Form 8822, Change of Address to notify the IRS. You should also notify the U.S. Postal Service?if your address has changed. You can ask to have your mail forwarded online at USPS.com or report the change at your local post office.
- If you work, report your name or address change to your employer. This will help to ensure that you receive your Form W-2, Wage and Tax Statement, after the end of the year.
- If you and your spouse both work, you should check the amount of federal income tax withheld from your pay. Your combined incomes may move you into a higher tax bracket. Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4, Employee’s Withholding Allowance Certificate. See Publication 505, Tax Withholding and Estimated Tax, for more information.
- If you didn?t qualify to itemize deductions before you were married, that may have changed. You and your spouse may save money by itemizing rather than taking the standard deduction on your tax return.? You?ll need to use Form 1040 with Schedule A, Itemized Deductions. You can?t use Form 1040A or 1040EZ when you itemize.
- If you are married as of Dec. 31, that?s your marital status for the entire year for tax purposes. You and your spouse usually may choose to file your federal income tax return either jointly or separately in any given year. You may want to figure the tax both ways to determine which filing status results in the lowest tax. In most cases, ???? it?s beneficial to file jointly.
For more information about these topics, visit IRS.gov. You can also get IRS forms and publications at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
From the IRS Tax Tips News:
If you were married or divorced and changed your name last year, be sure to notify the Social Security Administration before you file your taxes with the IRS. If the name on your tax return doesn?t match SSA records, the IRS will flag it as an error and that may delay your refund.
Here are five tips for a person whose name has changed. They also apply if your dependent?s name has changed.
1.?If you have married and you?re using your new spouse?s last name or you?ve hyphenated your last name, notify the SSA. That way, the IRS computers can match your new name with your Social Security number.
2.?If you were divorced and are now using your former last name, notify the SSA of your name change.
3.?Letting the SSA know about a name change is easy. File Form SS-5, Application for a Social Security Card, at your local SSA office or by mail with proof of your legal name change.
4.?You can get Form SS-5 on the SSA?s website at www.ssa.gov, by calling 800-772-1213 or at local SSA offices. Your new card will have the same number as your former card but will show your new name.
5.?If you adopted your new spouse?s children and their names changed, you’ll need to update their names with SSA too. For adopted children without SSNs, the parents can apply for an Adoption Taxpayer Identification Number by filing Form W-7A, Application for Taxpayer Identification Number for Pending U.S. Adoptions, with the IRS. The ATIN is a temporary number used in place of an SSN on the tax return. Form W-7A is available on the IRS.gov website or by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:
IRS YouTube Videos:
From The IRS Tax Tips Mailing:
The IRS no longer mails reminder letters to taxpayers who have to repay the First-Time Homebuyer Credit. To help taxpayers who must repay the credit, the IRS website has a user-friendly look-up tool. Here are four reminders about repaying the credit and using the tool:
1.?Who needs to repay the credit?? If you bought a home in 2008 and claimed the First-Time Homebuyer Credit, the credit is similar to a no-interest loan. You normally must repay the credit in 15 equal annual installments. You should have started to repay the credit with your 2010 tax return.
You are usually not required to pay back the credit for a main home you bought after 2008. However, you may have to repay the entire credit if you sold the home or stopped using it as your main home within 36 months from the date of purchase. This rule also applies to homes bought in 2008.
2.?How to use the tool. You can find the First-Time Homebuyer Credit Lookup tool at IRS.gov under the ?Tools? menu. You will need your Social Security number, date of birth and complete address to use the tool. If you claimed the credit on a joint return, each spouse should use the tool to get their share of the account information. That?s because the law treats each spouse as having claimed half of the credit for repayment purposes.
3.?What the tool does. The tool provides important account information to help you report the repayment on your tax return. It shows the original amount of the credit, annual repayment amounts, total amount paid and the remaining balance. You can print your account page to share with your tax preparer and to keep for your records.
4.?How to repay the credit.? To repay the First-Time Homebuyer Credit, add the amount you have to repay to any other tax you owe on your federal tax return. This could result in additional tax owed or a reduced refund. You report the repayment on line 59b on Form 1040, U.S. Individual Income Tax Return. If you are repaying the credit because the home stopped being your main home, you must attach Form 5405, Repayment of the First-Time Homebuyer Credit, to your tax return.
Additional IRS Resources:
IRS YouTube Videos:
- First-Time Homebuyer Credit Account Look-Up Tool – English ???? | Spanish
From the IRS: New IRS2Go Offers Three More Features
IRS has released a new version of IRS2Go, a smartphone application that lets you interact with the IRS using your mobile device. Three new features are available, providing access to video, news updates and more tax information.
New! Watch Us
IRS2Go delivers video from the IRS YouTube channel to your mobile device. As IRS launches new videos on YouTube, the videos are automatically featured on IRS2Go.
New! Get the Latest News
IRS news is available via IRS2Go as soon as it is released to the public. This feature allows you to learn about new programs, legislative updates and relevant tools to help you navigate taxes and the IRS.
New! Get Your Tax Record
You can request your tax return or account transcript using your smartphone. IRS2Go allows you to request this information, which will be mailed to you within several business days.
Get Your Refund Status
You can check the status of your federal income tax refund using IRS2Go. Simply enter your Social Security Number, which will be masked and encrypted for security purposes, then select your filing status and enter the amount of your anticipated refund from your 2011 tax return. If you e-file your return, you can check your refund status within a few days. If you file a paper tax return, you will need to wait three to four weeks to check your refund status because it takes longer to process a paper return.
Get Tax Updates
You can also use IRS2Go to subscribe to filing season tax updates by entering your e-mail address to automatically get daily tax tips. Tax Tips can help you with your tax planning and preparation needs. They are issued daily during the tax filing season and periodically during the rest of the year. The plain English updates cover topics such as free tax help, child tax credits, the Earned Income Tax Credit, education credits and other topics.
Follow the IRS
Finally, you can use IRS2Go to sign up to follow the IRS Twitter news feed, @IRSnews. IRSnews provides the latest federal tax news, including information about tax law changes and important IRS programs.
Download the IRS2Go App
If you have an Apple iPhone or iTouch, you can download the free IRS2Go app by visiting the iTunes app store. If you have an Android device, you can visit the Android Marketplace to download the free IRS2Go app.
IRS2Go reflects IRS? commitment to help you get the information you need ? whenever you need it, wherever you are. The IRS shares the latest information on tax law changes, initiatives, products and services through various social media channels.