Tax Glossary
Key Tax TermFiling Status
Your filing status determines your tax bracket, standard deduction, and eligibility for many credits. Choosing the correct status is one of the most important steps when filing your return.
💡Simple definition
Filing status describes your tax situation based on your marital status and family structure. It affects how much tax you owe and which deductions or credits you can claim.
📋The five IRS filing statuses
1️⃣Single
For individuals who are not married, legally separated, or do not qualify for another status.
2️⃣Married Filing Jointly
Married couples combine income and file one tax return together. Often results in lower taxes due to higher income thresholds and a larger standard deduction.
3️⃣Married Filing Separately
Married couples file separate returns. This can reduce certain benefits but may make sense in special circumstances (such as medical debt or liability issues).
4️⃣Head of Household
For unmarried individuals who pay more than half the cost of keeping up a home for a qualifying person (often a child). Offers a higher standard deduction and better tax brackets than Single.
5️⃣Qualifying Widow(er)
For a surviving spouse with a dependent child, available for up to two years after their spouse's death. Provides the same tax benefits as Married Filing Jointly.
⭐Why filing status matters
Filing status affects:
- ✓Your standard deduction amount
- ✓Your tax bracket ranges
- ✓Your eligibility for certain credits (EITC, CTC, etc.)
- ✓Income thresholds for phaseouts
Choosing the wrong filing status can cause you to pay too much tax or incorrectly claim a credit.
🧮Quick examples
Example 1:You're single, have no dependents, and live alone. → Your filing status is Single.
Example 2:You're unmarried and support your 8-year-old child. → You may qualify for Head of Household.
Example 3:You and your spouse both earn income and agree to file together. → You file Married Filing Jointly.
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