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Money Girl

142 MG Newlywed or Newly-Divorced?

Money Girl

Macmillan Holdings, LLC

Entrepreneurship, Education, Investing, Business, How To

4.61.8K Ratings

🗓️ 23 September 2009

⏱️ 6 minutes

🧾️ Download transcript

Summary

Important tips to save on taxes when your marital status changes.Like what you hear? Help us out by writing a review at iTunes. Questions go to money@qdnow.com. Thank you!

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Transcript

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0:00.0

Hello and

0:05.0

welcome to Money Girls Quick and Dirty Tips for a richer life.

0:09.0

I'm your host Laura Adams. In all the excitement of a wedding or sorrow of a divorce or death of a spouse,

0:20.0

it's easy to forget about tax issues that need to be addressed.

0:24.0

In this show I'll give you tax tips for what to do in your marital status changes.

0:29.0

One of the first things to remember once you get back from the honeymoon

0:32.0

is to notify the Social Security

0:34.6

Administration if you plan to change your name.

0:37.8

Your tax return must match the name you've registered with the Social Security Administration

0:42.2

in order to avoid problems.

0:44.0

You also will need to get an updated Social Security card with your new name.

0:48.0

Simply submit Form SS5, the application for a Social Security card, and allow yourself at least two weeks for the change to go into effect.

0:57.0

You can find more information at social security.gov.

1:00.7

If you have a new address, notify the U.S. Postal Service as soon as possible so your mail

1:05.5

delivery won't be interrupted.

1:07.5

The post office sends your new information to the IRS.

1:11.2

However, I also recommend that you notify the IRS directly about your address change using

1:16.4

Form 8822, especially if you're expecting a tax refund.

1:21.4

It's important to decide which tax filing status you're going to use for the year

1:25.1

in which your marital status changes. Your filing status is important because it determines

1:30.0

the amount of tax you have to pay. It affects the amount of your standard tax

1:34.0

deduction and whether you're eligible to claim certain tax deductions and

...

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