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What Is Your Filing Status? This Determines Your Tax Liability

Knowing your filing status is crucial because it determines requirements, credits, deductions, and many more. More than one filing status is available for some taxpayers, and they need to choose the status with liability. As tax season approaches, taxpayers must search for ways that are more helpful for them. Individuals qualified for more than one status should review their statuses after important events like divorce or marriage.

Individual circumstances will determine the filing status of a taxpayer. Being married or having dependents are some examples that affect the filing status of individuals. It is critical to identify your correct position because you will pay your taxes according to that. The status also applies to deductions that you might receive. The status will determine how much you owe the IRS. Refunds are also affected by your filing status. So, deciding precisely on the most reasonable level for yourself is crucial.

Filing Status in 1040 form

Why is filing status vital?

Filing status is crucial because it will affect various things.

Here are some examples:

  • Filing status will affect federal tax returns.
  • It will also affect the type of return form you need.
  • The filing status is essential if you want to file a return to get a refund.
  • The standard deduction amount is another thing affected by your filing status.
  • The filing status also affects certain credits.
  • The amount of payable tax is also determined by filing status.

What are some filing statuses?

1- Single: This status is for taxpayers who are unmarried or divorced, and people considered separated by state law are among this group.

2- Joint married filing: A married taxpayer can file a joint tax return with their husband or wife. In the case of the spouse’s death, the widowed can file a joint tax return for that specific year.

3- Separate married filing: Spouses can also file separately, and some individuals prefer this status, leading to less debt than joint filing.

4- The head of the household: The unmarried taxpayers might be able to use this status, but some particular rules are available here. For instance, if you keep up a home, you must have paid more than half the cost.

5- Eligible widow with a dependent kid: This situation applies to taxpayers who have lost their spouse during one of the past two years and have a dependent kid. Other conditions are also applicable here.

How to determine my filing status?

Do you need clarification about your filing status? You can visit and use the “What Is My Filing Status” tool, which is incredibly helpful. The tool is also beneficial for people who are qualified for more than one filing status. It will help you determine the way that is sensible for you. So, if you are interested in your filing status, remember this fantastic tool.

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All statuses depend on your marital situation

December 31 is an important date to determine your marital status. All the statuses depend on that particular date and assess your marriage situation. When you are legally married and living with your husband or wife, your position is marital for tax purposes. You are also considered married if you have separated from your spouse by agreement and not by court decree. So, the court order is the determining factor for individuals who want to change their marital status to single.

Joint filing can usually result in savings for spouses

If you are considered married by the law, you can file your tax return jointly, which is beneficial and results in more savings for married couples. When couples file jointly, they combine income, exemptions, and credits. This situation offers the most tax savings for married individuals. Many credits are available for people who file jointly, and you can’t get these credits if you file separately. Child credit and adoption expense credits are some of the rewards of joint filing.

However, joint filing status is only sometimes the most beneficial one. In the case of certain debts from your spouse, the IRS will divert the refunds, which is not a favorable condition for you. If you want to get your share of the refund in this case, an injured spouse claim must be filed, and you must undergo a complicated procedure. In these particular cases, you can avoid the hassle and file separately.

Income tax benefits for the head of the household

Some particular tax treatments are available for individuals who are qualified for the status of head of household. The tax rates are lower for this status than for other statuses like married or separated. The standard deduction is also more significant for this status. But the status has some requirements, and many individuals cannot enter this category. For example, you must be unmarried at the end of the year, or you need to maintain a household for your dependents.

Qualified widows can file a joint return

In the case of the recent death of the spouse, a qualified widow with a dependent child can file jointly. This status will provide joint tax rates for the widow, and the highest standard deduction will also be available. This status needs some requirements, and the following conditions must be satisfied:

  • Your spouse’s death must be in the last or previous tax year.
  • You are qualified to file a joint return for the year of your spouse’s death.
  • If you remarry before the end of the tax year, you won’t be eligible for joint filing.
  • It would be best if you had an eligible dependent child.
  • You have to keep up a household for yourself and the eligible kid, and you need to pay more than half the cost.

You might see that choosing the correct filing status is a challenging task. You can always get the best results if you consult tax professionals. Tax regulations are constantly changing, and ordinary people need help to keep up with these changes. Tax issues are complicated, and you need experience and knowledge to resolve them.

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