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For example, in tax year 2024 the head of household 12% tax bracket is $63,100 (which is up from $59,850 in 2023) of taxable income compared with just $47,150 for single filers (which is up from ...
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The head of household status can lead to a lower taxable income and greater potential refund, but to qualify, you must meet certain criteria.
The head of household status was created in 1951 by Congress through the Revenue Act of 1951. [3] It was created to provide tax relief to single-parent households, who previously faced the same tax rates as single people without children despite the additional financial obligations inherent in raising children.
Filing as a head of household can have substantial financial benefits over filing as a single status taxpayer. As a head of household, one may obtain a more generous tax brackets and larger standard deductions. [14] There are many special rules and exceptions applicable to head of household filing status. [15]
With one child and parent filing singly or as head of household, as of 2020: [37] Tax credit equals $0.34 for each dollar of earned income for income up to $10,540. For income between $10,540 and $19,330, the tax credit is a constant "plateau" at $3,584.
Tax Allowances. Circumstance. Number of Allowances You Can Claim. Single. 0-1. Married filing jointly. 1. Head of household. 1. Married filing separately, and have only one job
Example of tax rate schedule for year 2006 for "head of household" [ edit ] Based on the cost of living adjustment and tax rate change provisions of section 1, the same schedule for a "head of household" for the year 2006 (i.e., for tax returns due April 15, 2007) is as follows:
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