Some people benefit during tax season just for being married.
2022 has started, and with a new year comes a new tax season.
It’s important to fully understand where you stand if you’re married and filing taxes.
For the 2022 tax year, the IRS has announced that they’ll be issuing new standard deductions and tax brackets for Americans. This is to help manage the high levels of inflation impacting millions.
Breaks for filing taxes married this tax season
In 2022 the top federal tax rate will remain at 37%.
However, your money should be less impacted by the rate staying the same.
If you are married and file jointly then you aren’t taxed at the 37% tax rate until your income reaches $647,850 in 2022.
More than one #IRS filing status may apply to your situation. If you’ve recently been married, choose the status that allows you to pay the least amount of tax. Get help from #IRS at: https://t.co/SxJJGwdeUC pic.twitter.com/IqTdqgE7VW
— IRSnews (@IRSnews) January 4, 2022
Tax brackets are currently being discussed that may impact single filers making $400,000 or more, and married filers making $450,000 or more.
The majority of those filing taxes as a married couple with use the standard deduction.
For married people this will increase the deduction by $800, bringing it to $25,900 for 2022.