Marriage is a life-long commitment. And so are tax payments and returns. When you and your spouse are officially married, make sure the two of you sit down and decide how to go about the tax situation. A crucial thing to understand here is that if you get married before December 31, then you will be considered married for the entire year for tax purposes. Here are some things you need to know about tax filing if you are a newly-married couple:

Changes in your personal information 

Paycheck withholdings of a newly-married couple

Talk about how much the two of you earn and how much federal taxes will be withheld from both your paychecks. You will have to file a new Form W-4 and give it to your employer. Since both you and your spouse work and earn, you fall under a higher tax bracket and you will have to pay the additional Medicare tax. 

If you don’t know how to calculate the tax, you can use a tax withholding estimator or tax calculation software to guide you. 

Filing status of a newly-married couple

After marriage, you both have to decide if you are going to file taxes jointly or separately. If you choose the former, then you will have more options in the IRA contribution and deductions. When you file separately, you will only have limited options to file the capital loss deduction. Furthermore, you will be disqualified from various tax deductions and credits. 

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