Some newlyweds may face a higher tax bill due to a ‘marriage penalty.’ What to know

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  • Source: CNBC
  • 02/14/2023
If you got married in 2022, you can add “tax return” to the list of things you’ll now be sharing.

For some newlyweds, this is going to mean a bigger tax bill due to a so-called “marriage tax penalty.” It can happen when tax-bracket thresholds, deductions and credits are not double the amount allowed for single filers — and it can hurt both high- and low-income households.

“The penalty can be as high as 12% of a married couple’s income,” said Garrett Watson, a senior policy analyst at the Tax Foundation. For marriages taking place at any point last year, spouses are required to file their 2022 tax returns — due April 18 — as a married couple, either jointly or separately. (However, filing separate returns is only financially beneficial for spouses in certain situations.)
Touching the bouquet by Drew Coffman is licensed under Unsplash

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