How To File Taxes The First Year Of Marriage?

Newly married couples must provide their employers with a new Form W-4, Employees Withholding Allowance, within 10 days. If both spouses work, they may move into a higher tax bracket or be affected by additional Medicare tax. They can use the Tax Withholding Estimator on IRS.gov to help complete a new Form W-4. Married couples can choose to file their federal income taxes jointly or separately each year. Married filing jointly is an income tax filing status available to any couple who has married by December 31 of the tax year. In tax year 2022, the first $20,550 for joint returns would be taxed at 10%, and only one extra dollar would be taxed at 12% if you and your spouse earned $20,551 or more.

The first year of marriage can feel like the hardest because it is full of changes and adjustments as you and your partner adapt to your new roles. Researchers have found that how you handle this period of adjustment is crucial to the longevity of your marriage. Married filing jointly is the most beneficial option for most couples.

For tax year 2023, the standard deduction is $13,850 for married couples filing separately. Filing separately might also exclude you from eligibility for certain tax benefits. Married filing jointly is the most common tax filing status for most couples.

In summary, newlywed couples must decide whether to file a joint tax return or file individually each year. Understanding the benefits of joint tax filing and the risks associated with each option can make a significant difference in their tax situation.