TurboTax: How major life events affect your taxes

Getting married

Alert Social Security of a name change

• If the name on your tax return does not match the name Social Security has for your Social Security number, your return might be rejected and any tax refund you have coming could be delayed until the discrepancy is resolved.
• If you're up against the tax deadline and don't have time to change your name with Social Security, you can file a joint return with your spouse using your original name (the one that matches your Social Security number) and then straighten things out in time for next year's filing season.

Refine your withholding

• To do this, ask your HR department for a new Form W-4.
• The IRS updated W-4 form in 2020, so don't worry if the Form W-4 they hand you looks a little different from the last one you completed.
• You may also want to use an online W-4 calculator to help figure out your withholdings.

Coordinate fringe benefits

Having a child

Get your child a Social Security number.

Refile your form W-4.

Claim the $2,000 child credit.

Contribute to 529 plans.

Buying a home

• your property taxes
• the mortgage interest on your primary residence, as well as any secondary residence you own (Note: There are limits, but relatively few taxpayers are affected).
• the interest on a home equity loan or home equity line of credit, if used to buy, build, or substantially improve your home (again, limits apply)
• mortgage points you paid when purchasing the house (or convinced the seller to pay for you)
• home improvements required for medical care

Divorce

Getting a raise

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