The standard deduction is a set amount you can deduct to reduce the amount of your income that is taxed. The standard deduction goes up for filers who are blind or who are 65 or older. You usually have the option to itemize deductions if the total of those deductions is larger than the standard deduction for your filing status.
Generally, the payment of mortgage interest, medical bills, state property taxes and charitable contributions you make are eligible to be itemized.
Your ability to lower your taxes by itemizing depends on your filing status since the larger the standard deduction you are eligible to claim, the more expenses you must pay during the year to make it worth itemizing. Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms. Whether you have a simple or complex tax situation, we've got you covered.
Feel confident doing your own taxes. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. For Simple Tax Returns Only. Video: Single Tax Withholding Vs. Married Filing Jointly. First, they must have a qualifying child or dependent. This includes a grandchild, stepchild, foster child, adopted child, sister, brother, step sibling, and under special circumstances, a parent, niece, nephew, aunt, uncle, or in-law.
The taxpayer must pay more than half of the costs of running the household where the qualifying child or dependent resided for at least half of the year. Taxpayers "considered unmarried" may also file as head of household if their spouse lived outside the home for the last six months of the year with no plan to return and they file separate tax returns. An individual whose spouse dies is still able to file jointly for the year of death.
Then, in the two years following, they are entitled to file as a qualifying widow or widower as long as they claim a dependent child, stepchild, or adopted child and have not remarried.
For example, if a man died in and left behind a wife and two young children, the woman can still file jointly for the tax year. For tax years and , she'll be eligible to file as a qualifying widow, which retains the same benefits of the married filing jointly status, as long as she pays for more than half of the household expenses. Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money.
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The best renters insurance. Average cost of car insurance. Average cost of life insurance. Average cost of home insurance. How to shop for car insurance. Best savings accounts. If you lived apart from your spouse for the last half of the year, and if you keep up a home for a dependent child, you might qualify for Head of Household.
Learn about the tax implications or planning steps if you are a single parent or single and pregnant now. You and your spouse may choose whether to file jointly or separately, but you must both use the same filing status for the year. Generally, the Married Filing Jointly filing status is more tax beneficial. You can choose Married Filing Separately if you are married and want to be responsible only for your own tax liability, and not your spouse's liability.
You can also file separately if you determine that you will get a bigger refund or lower tax liability than if you filed jointly. You must use this filing status if you were married on December 31 but you and your spouse or now ex-spouse cannot agree to file a joint return. It is a good idea to weigh the benefits of each married filing status before deciding on which one to use.
Determining your marital status will narrow your choices of filing status. As a general rule, your marital status on the last day of the Tax Year December 31 is your marital status for the entire Tax Year. You are considered to have been married for the entire Tax Year if, on December 31, any of the following was true:.
Learn about the tax consequences of taxes and marriage. You are considered unmarried for the entire Tax Year if, on December 31, any of the following was true:. Innocent Spouse: If you file as MFJ both individuals are equally responsible for all taxes owed if there is a balance due. This is also called joint and several tax liability, as a married filing jointly couple is liable for taxes even if the additional taxes are the result of income, deductions, or credits of a spouse or former spouse.
Thus, you might want to consider the Innocent Spouse consideration if you think your current their spouse or former spouse should only be held responsible for all or part of the tax liabilities, penalties and interest.
Injured Spouse: If you prepared and filed or e-Filed a married filing joint income tax return and if one spouse is not responsible for the current or past debt's of the other spouse, then the spouse might be entitled to request his or her portion of the IRS tax refund back from the IRS in case the IRS has offset the tax refund to pay the spouse's debt. In that case, consider the Injured Spouse option.
Find out your filing status in case your spouse deceased during the tax year: Qualifying Widow er. You may file as a Qualifying Widow or Widower for the two years following the year of your spouse's death if you support a dependent child.
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