South Carolina: tax credit for newlyweds

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South Carolina newlyweds can get tax credit for taking premarital counseling



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South Carolina newlyweds can get tax credit for taking premarital counseling

If you are planning to get married soon in South Carolina, you should know about this tax credit. (Video above: WYFF News 4 morning headlines) The South Carolina Department of Revenue says if you both complete a qualifying premarital counseling course within 12 months of getting your marriage license , you can claim a $50 non-refundable credit on your personal income tax return. ($25 if only one of you completes the course). Visit our website for more information. 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 employer a new Form W-4, Employee’s Withholding Allowance within 10 days. Notify government of name and address changes. Because state and federal tax returns are tied to Social Security numbers, notify the Social Security Administration of any new names using Form SS-5. You will need to notify the US Postal Service, IRS (using Form 8822) and SCDOR (using MyDORWAY or Form SC8822I) of any change of address. filing married separately. Choosing the right filing status can save you money. Joint filing allows both spouses to potentially claim earned income tax credits, student loan interest, child tax credits, and a larger deduction. But it can also make you responsible for your spouse’s tax obligations if they have any. With separate filings, each spouse is solely responsible for their own filing and tax liability. If you are filing separately, you must both claim the standard deduction or itemize. One of you cannot itemize while the other claims the standard deduction. Consider discussing the right filing status for you with a certified tax professional. Select the right form to file your returns. For example, a couple may have enough deductions jointly to itemize them, but may not have enough when filing separately.

If you are planning to get married soon in South Carolina, you should know about this tax credit.

(Video above: WYFF News 4 morning headlines)

The South Carolina Department of Revenue says if you both complete a qualifying premarital counseling course within 12 months of getting your marriage license, you can claim a $50 non-refundable credit on your return. personal income ($25 if only one of you completes the course) . Visit our website for more information.

SCDOR offers these other tax tips for newlyweds:

  • Adjust your W-4, the form that regulates the amount of tax withheld from your salary. 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 employer a new Form W-4, Employee’s Withholding Allowance within 10 days.
  • Notify government of name and address changes. Because state and federal tax returns are tied to Social Security numbers, notify the Social Security Administration of any new names using Form SS-5. You will need to notify the US Postal Service, IRS (using Form 8822) and SCDOR (using MyDORWAY or Form SC8822I) of any change of address.
  • Decide if you will file next year’s tax returns as a married spouse or married separately. Choosing the right filing status can save you money.
    • Joint filing allows both spouses to potentially claim earned income tax credits, student loan interest, child tax credits, and a larger deduction. But it can also make you responsible for your spouse’s tax debts, if they have any.
    • With separate filings, each spouse is solely responsible for their filing and tax liability. If you are filing separately, you must both claim the standard deduction or itemize. One of you cannot itemize while the other claims the standard deduction.
    • Consider discussing the right filing status for you with a certified tax professional.
  • Select the right form to file your returns. For example, a couple may have enough deductions jointly to itemize, but may not have enough when filing separately.

For more income tax tips and reporting information, visit the SCDOR website at dor.sc.gov/iit.

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