Minimizing Your Taxes and Managing Your Complex Affairs

Tax Tips, Finance Tips, Fun Events

Tips for Individuals, Businesses and Charities. Fun Events.

Changing Your Name? Make Sure Your Tax Return Matches Social Security Records.

When someone legally changes their name, there are tax consequences. People change their names for several reasons:

  • Taking their spouse’s last name after a marriage

  • Hyphenating their last name with their spouse’s after getting married

  • Going back to their former name after a divorce

  • Giving an adopted child the last name of their new family

Reporting change to SSA. Taxpayers should notify the Social Security Administration (SSA) of a name change ASAP. When a taxpayer files their taxes, the IRS checks SSA records to ensure names and social security numbers on the forms match.

Failing to report a name change. If a name on a taxpayer’s tax return doesn’t match SSA records, it can delay the IRS processing of that return. In that case, if the taxpayer is due a refund, it will take longer for them to get their money.

Getting a New Social Security Card. After a name change, a taxpayer should file Form SS-5, Application for a Social Security Card. with the Social Security Administration.

Since it’s wedding season, don’t forget about updating SSA records and don’t forget tax planning.

Contact me to today to schedule a tax or financial planning session about life changing events.

Richard Pon CPA, CFP