We present an extension of the time-dependent density matrix renormalization group, also known as the time evolving block decimation algorithm, allowing for the computation of dynamically important excited states of one-dimensional many-body systems. We show its practical use for analyzing the dynamical properties and excitations of the Bose-Hubbard model describing ultracold atoms loaded in an optical lattice from a Bose-Einstein condensate. This allows for a deeper understanding of nonadiabaticity in experimental realizations of insulating phases.