If you’re heading down the aisle this year, your tax situation is likely the last thing on your mind.
Yet at some point, it’s probably worthwhile evaluating what getting married will mean for your taxes. While many couples will see their taxes drop, some face a “marriage penalty” — paying more than if they had remained unmarried and filed as single taxpayers.
In simple terms, the penalty comes into play when tax-bracket thresholds, and deductions or credits are not double the amount allowed for single filers.
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So depending on your income, where you live and the deductions or credits you use, a bigger tax bill could be part of your married future. And it can affect both high and modest earners, young and older.
If it happens, it’s typically “when two individuals with identical or similar incomes are married,” said Robert Westley, a certified public accountant who serves on the personal financial specialist committee for the…