couples and money

Dear Liz: After being an unmarried couple for 15 years, we were married in February 2014. Though I sent this information to my company’s benefits department, I neglected to change my W-4 status from “single” to “married.” I’m crossing my fingers that when all is said and done, we have paid the correct taxes when we filed for 2014 (we filed jointly as married) regardless of what was withheld pursuant to the W-4. Or do I need to inform the IRS of the oversight for the 2014 and 2015 tax years?

Answer: Best wishes on your marriage, and don’t worry. Since you were married as of Dec. 31, 2014, and you filed as a married couple for 2014, you’re good — assuming, of course, you used current tax software or IRS tax tables for married filing jointly.

The W-4 form is meant to tell your employer how much of your paycheck you want withheld. Most people’s W-4s are “wrong” in the sense that they have the government withhold too much. They get fat refunds that average close to $3,000, but they aren’t penalized for doing so (other than not having access to their own money until they get that refund, of course).

If you’re getting refunds, you can tweak your withholding when you visit your benefits department to update your W-4. The IRS and TurboTax, among other sites, have online calculators to help you figure out what you should have withheld.

While you’re there, check your beneficiaries for any workplace retirement plans and life insurance. Federal law says your spouse must be the beneficiary of your retirement plan unless he or she signs a waiver. Life insurance, by contrast, goes to the named beneficiary even if you subsequently marry.