As a newlywed, what should I be aware of when filing for 2003?

This answer was provided by Mark Misselbeck, CPA, from Levine, Katz, Nannis & Solomon PC in Needham.

Q: I got married this past September. Is there anything I should be aware of when filing for 2003? Any tips for filing for 2004? - Tucker, Waltham

A: Since your marital situation was (hopefully) wedded bliss at the end of the year, your only choices for filing are either married, filing jointly with your spouse or married, filing separately. Under the latest tax amendments, if you do NOT itemize your deductions, the tax law is nearly neutral as to the tax liability that you and your spouse will owe under either filing circumstance, presuming that you both work and report roughly the same amount of income.

If you each itemize your deductions, the spouse with the lesser deductions may have a larger tax bill than they would otherwise have, under the married filing separate status.

You need to be aware that with your combined households, your income levels will be higher and this may cause you both to be subject to "phase outs" under the tax laws that you did not deal with as singles. These "phase outs" may cause you to lose some (or most) of your personal exemptions, itemized deductions and certain special credits and deductions (such as education deductions or credits, adoption deductions or credits, student loan interest deductions, etc.).

Your ability to contribute to either a deductible or ROTH IRA may be affected either by your spouse's participation in a pension plan at their place of employment or the level of your combined income on a joint return (the level at which this happens on a separate return is virtually from the first dollar). You may want to call the IRS at their toll free number (800-829-3676) for a free copy of their Publication 17 or visit their website (www.irs.gov) to down load that or other Publications on these or other subjects that may affect your return filings.