"Something New": H&R Block Explains Tax Effects of Marriage, Divorce.

Taking the Plunge Has Major Tax and Financial Implications for Newlyweds

KANSAS CITY, Mo. -- The ceremony was a success, the rings fit, and the vows were a hit: When it comes to planning their weddings, couples let no detail go unnoticed. If only they were as astute at preparing for a

With wedding season in full swing, H&R Block (NYSE: HRB) reminds newlyweds that tying the knot means new tax issues that tax professionals can help couples manage:

* Marriage means choices. The IRS allows married couples to file using the "married filing jointly" or "married filing separately" status. Each has advantages that can be difficult to understand. For example, if a taxpayer claims medical expenses or other itemized deductions that are limited by their adjusted gross income, filing separately may be the way to go. But if the person wants to claim most tax credits or deduct their IRA contribution, they'll probably need to file jointly. Consulting a tax professional helps in determining the right choice for couples filing for the first time.

* Social Security numbers don't change, but anyone who has changed their last name will need to apply for a new Social Security card. If the name and number don't match, the IRS might delay processing of the return, which means a refund could take longer than usual to arrive.

* Marriage also means adjusting retirement savings. Besides changing filing status on an employer's 401(k) account, newly married taxpayers also should consider increased limits for tax-deductible IRA contributions. If the couple's income meets certain limits, they could qualify for more of a deduction. In some scenarios, one spouse also may "borrow" from the other's earnings to meet the limits.

* Inform the IRS of a new address. If the IRS does not have the correct address on file for a newly married couple, it could take longer for a refund to arrive. Taxpayers shouldn't count on mail to be automatically forwarded and should consider filing Form 8822 to inform the IRS.

Divorce also can change a taxpayer's financial situation. The best advice is to understand the divorce agreement and its terms, especially key components that could complicate a tax return:

* Alimony is taxable and deductible. The person who provides alimony can claim the payments as a deduction, while the person who receives it can avoid a large end-of-year tax bill by paying estimated taxes during the year. Unlike alimony, child support is not deductible or taxable.