What is the Right Filing Status for Me?

 

Your filing status can have a negative impact on your return if chosen the wrong filing status. It is good to study and choose the right filing status.  There are few things you need to keep in mind things such as for example if you got married on December 31st of the tax year, you are then considered married for the whole tax year and expected to file a joint return unless you choose not to do so. If you choose not to do you can file married filing separately which is not an advisable option.

 

Five filing statuses:

• Single.  This status normally applies if you aren’t married. It applies if you are divorced or legally separated under state law.

• Married Filing Jointly.  If you’re married, you and your spouse can file a joint tax return together. If your spouse died in this year in which you are now filing the tax. Example you are filing tax for 2022 but your spouse passed away during 2022, you often can file a joint return for that year.

• Married Filing Separately.  A married couple can choose to file two separate tax returns. But this is not the best option.

• Married Filing Separately (MFS). This is your filing status only if you are married but you and your wife or husband decided to file a separate return.  There are some special rules apply to this filing status. You usually end up paying more tax or getting less refund as a result of the rule apply. This option can be beneficial if you want to handle your own tax issue.

• Head of Household.  In most cases, this status applies if you are not married. But remember you must have paid more than half the cost of keeping up a home for yourself and a qualifying dependent

• Qualifying Widow(er) with Dependent Child.  This status may apply to you if your spouse died in the previous year following the year of tax file and you have a dependent child.

 

 Visit IRS to learn more