Wedding plans in 2024? Read these tax tips for newlyweds now!

Tuesday, Jun 18, 2024

FOR IMMEDIATE RELEASE - 6/18/2024

What you need to know:
If you’re recently married or planning to tie the knot in 2024, spend some time making important tax-related decisions with your new spouse.
Discuss your filing status now, both with your fiancé and together with a tax professional. Your decision could save you money.
The IRS requires married couples to give their employers a new W-4 Employee’s Allowance form within 10 days of your marriage.

Wedding season continues to be eventful throughout South Carolina – in 2022, the Palmetto State had the nation's 14th highest marriage rate according to the National Center for Health Statistics.

If you have been married or plan to get married this year, the South Carolina Department of Revenue (SCDOR) offers these tax tips to consider in your new life together:

Decide if you'll file next year's Income Tax returns as married filing jointly or married filing separately. One of the more significant tax decisions you will make as a couple is choosing your filing status.
Married filing jointly is the most common status used by couples.
- This filing status offers a higher standard deduction and usually results in a lower Income Tax calculation.
- It also allows both spouses to potentially claim the Earned Income Tax Credit, student loan interest, and child tax credits.
- However, it can also put you on the hook for your spouse's tax liabilities, if they have any.
Some couples find it advantageous to file separate returns and choose the married filing separately status.
- Depending on your individual situation, filing separately may result in a lower tax liability.
- With separate returns, each spouse is only responsible for their return and their tax liability.
- Keep in mind, if you file separately, you must both claim the standard deduction or itemize. One of you cannot itemize while the other claims the standard deduction.

Before you file your first return as a married couple, the SCDOR recommends that you discuss the right filing status for you with a certified tax professional. Remember, whatever status you choose for your federal return must be the same as your status on your South Carolina return. And once you sign a joint return, you generally accept responsibility for the taxes due, even if only one of you had income.

If you choose married filing jointly as your status, use the primary spouse's name and ID number when checking your refund status or making a payment on MyDORWAY, the SCDOR's free online tax portal.

Once you've selected your filing status, here are some additional tips to keep in mind:

Adjust your W-4, the form that regulates the amount of tax withheld from your paycheck. You may need to have more or less tax withheld. The idea is not to withhold too little and be surprised next year with an unexpected tax bill, or to withhold too much money that could be used for other expenses throughout the year. According to the IRS, newly married couples must give their employers a new W-4, Employee's Withholding Allowance within 10 days.
Notify the government of name and address changes. Since state and federal tax returns are tied to Social Security Numbers, notify the Social Security Administration of any new name using Form SS-5. You'll need to notify the US Postal Service, the IRS (using form 8822), and the SCDOR (using MyDORWAY or the SC8822I) of any address changes.
Consider premarital counseling. If both spouses complete a qualifying premarital counseling course within 12 months of getting your marriage license, you can claim a $50 nonrefundable credit on your state Individual Income Tax Return ($25 if only one of you completes the course). Visit dor.sc.gov/tax-credits for more information.

More information

For more Income Tax tips and filing information, visit dor.sc.gov/iit.

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