Tying the knot sometimes means paying more in taxes. Here’s when the ‘marriage penalty’ kicks in

Tying the knot sometimes means paying more in taxes. Here’s when the ‘marriage penalty’ kicks in

Some newlyweds get an unwelcome gift from the IRS: a bigger tax bill. While many couples end up paying less in taxes after tying the knot, some face a "marriage penalty" “” that is, they end up paying more in taxes than if they had remained unmarried and filed as single taxpayers.The penalty occurs when tax-bracket thresholds, deductions and credits are not double the amount allowed for single filers “” and it can impact both high and low earners, as well as younger or older taxpayers.More from Personal Finance:1 in 10 people fall victim to gift card scamsHere's how much you need to earn to afford a houseBuying Tesla with bitcoin could mean a tax billFor marriages that occurred at any point last year, you're required to file your 2020 tax return as a married couple, either jointly or separately. (However, filing separate returns as a married couple usually provides no financial benefit.) If you plan to marry this year, you've got a year to prepare for filing your 2021 return.The deadline this year for filing your 2020 federal tax was delayed to May 17 (state returns may have different deadlines). So far, the IRS has issued 56.5 million refunds averaging