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If you are not married on December 31, your filing status could be either single or head of household — single if you have no dependents, and head of household if you have qualifying dependents.
Head of Household Standard Deduction: Filing as the head of household, a taxpayer can claim a standard deduction of $18,650 for tax year 2020. Learn More: 8 Best Tax Tips for Single Parents 3.
For example, the standard deduction for the 2022 tax year is $12,950 ($13,850 in 2023) for single filers. The deduction for taxpayers who are married and file jointly is $25,900 ($27,700 in 2023).
An individual's tax liability depends upon two variables: the individual's filing status and the taxable income. [16] The status can determine the correct amount of tax, whether the taxpayer can take certain tax deductions or exemptions that could lower the final tax bill, and even whether one must file a return at all. [17]
Be unmarried or considered unmarried at the end of the year; Have paid more than half the cost of keeping up a home for the tax year (either one's own home or the home of a qualifying parent) Usually have a qualifying person who lived with the head in the home for more than half of the tax year unless the qualifying person is a dependent parent
The tax rate and some deductions are different for individuals depending on filing status. Married individuals may compute tax as a couple or separately. Single individuals may be eligible for reduced tax rates if they are head of a household in which they live with a dependent.
With Tax Day fast approaching, understanding your tax filing status is - but not always easy to comprehend. For instance, if you're married, you can file jointly, or separately. Read Next: Taxes on...
Maximize Tax Deductions and Credits. ... Single: Unmarried with no dependents. Head of Household: Unmarried with a dependent child. Married Filing Jointly: Couples submitting a combined tax return.
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