There are tax consequences for people who legally change their name, especially if you are changing it during tax-filing season. Reasons for changing your name could include:
- Getting married and taking your spouse’s name or hyphenating your names
- Reverting to a former name after a divorce
- Giving an adopted child the new family last name
No matter the reason, here are 4 important reminders you need to consider so not to run into trouble filing your taxes with the IRS:
- Report the name change to the Social Security Administration (SSA) as quickly as you can. When you file your taxes the IRS checks SSA records to ensure names and social security numbers match.
- Failing to report a name change could result in mismatched records – causing delays in your processing and receiving your tax refund.
- When adopting a child, if the child already has a Social Security number, you should be sure to inform the SSA of a name change right away. If the child does not have a Social Security number, use a temporary number called an Adoption Taxpayer ID Number (ADIN) on your tax return.
- After a name change, make sure to file for a new social security card as quickly as you can.
Changing your name has potential consequences that if you are not prepared for, may complicate your tax filing process. Make sure to enlist the help of a qualified partner to assist you through this life event.
Whether you are changing your name or planning for future investments, MasAmerica is the smart choice for filing your US Taxes. Contact us for additional information and help when experiencing a name change. – Our team has experience and broad knowledge in accounting and law in Israel & the US.
Let’s discuss how MasAmerica could help you transition through this life-changing event so as not to get caught in the potential bureaucratic mess of the IRS.
