What are the tax implications of a marriage?

In Maryland, marriage affects one’s tax burden in a number of ways. Since married couples can file joint income tax returns, they are generally able to save money on taxes due to having a lower combined taxable income. Additionally, couples in Maryland may be eligible for certain tax credits such as the Earned Income Credit and the Child and Dependent Care Credit. Furthermore, married couples may also benefit from tax deductions related to their marital status. For instance, couples filing joint tax returns may be able to deduct certain expenses associated with healthcare, childcare, charity donation, student loan repayments, and more. Additionally, when a married individual passes away, their surviving spouse will usually receive a one-time tax refund from the deceased’s estate. This refund is known as the “step-up” in basis and can amount to a substantial amount of money depending on the size of the estate. In summary, getting married in Maryland can result in a variety of beneficial tax implications for couples. From filing joint income tax returns to taking advantage of certain credits and deductions, married couples can save money on taxes and even receive a one-time tax refund in the event of the death of one spouse.

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What are the tax implications of a marriage?

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