Status, exemptions and dependents can be a headache to figure out, but mostly worth the time in getting it right. The amount of income you can receive before you must file a tax return has increa
sed, as it does every year, for some individuals. Refer to table 1-1 of the IRS publication 17 (Your Federal Income Tax) which can be found on the IRS website.
Let's find out how to figure out your filing status. Most of these are very obvious, but some can be a bit confusing (Imagine that, taxes confusing).
It wouldn't be taxes if it wasn't.
There are five filing statuses, all of which are explained in the publication 17. They are Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with dependent child. Sounds pretty easy for the most part, right? Pay close attention, this explanation will not be repeated.
The first of the five statuses is Single. This status means that you are not married to anyone (Hmm). No really, the meaning as defined by the pub 17 is: If, on the last day of the year, you are unmarried or legally separated from your spouse under divorce or separate maintenance decree. If you are single, under 65 and made at least $8,450 in income, you must file a return. If you are single, over 65 and made at least $9,700 in income, you must file a federal tax return.
The next status is Married Filing Jointly (MFJ). This means that you are married and you and your spouse are filing on the same form (Jointly). On a joint return, both spouses combine incomes and claim combined deductions. If both spouses are under 65 and made at least $16,900 in income, a return must filed. If both spouses are over 65 and made at least $17,900 in income, they must file a federal tax return.
Let's find out how to figure out your filing status. Most of these are very obvious, but some can be a bit confusing (Imagine that, taxes confusing).
It wouldn't be taxes if it wasn't.
There are five filing statuses, all of which are explained in the publication 17. They are Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with dependent child. Sounds pretty easy for the most part, right? Pay close attention, this explanation will not be repeated.
The first of the five statuses is Single. This status means that you are not married to anyone (Hmm). No really, the meaning as defined by the pub 17 is: If, on the last day of the year, you are unmarried or legally separated from your spouse under divorce or separate maintenance decree. If you are single, under 65 and made at least $8,450 in income, you must file a return. If you are single, over 65 and made at least $9,700 in income, you must file a federal tax return.
The next status is Married Filing Jointly (MFJ). This means that you are married and you and your spouse are filing on the same form (Jointly). On a joint return, both spouses combine incomes and claim combined deductions. If both spouses are under 65 and made at least $16,900 in income, a return must filed. If both spouses are over 65 and made at least $17,900 in income, they must file a federal tax return.
