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IRS: Choose correct filing status or miss out on $100s

Millions of single Americans who don’t have another person to file their taxes with have two options from the IRS.

tax forms to file with the IRS and claim single or head of household

This is head of household or single.

Single can only be checked if you are not married.

If you’re not married but support a dependent, you can choose head of household to get more benefits.

Divorced parents are better off choosing head of household.


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Differences according to the IRS between single and head of household

Single filers can hit the top of the tax bracket when they make $40,525.

Head of household filers hit the top at $54,200.

A bigger standard deduction gives you lower taxable income.

You can also benefit from write offs like the stimulus payment or child tax credits.


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Eligibility requirements for head of household

Choosing head of household requires you to have not lived with your spouse for at least half of the year.

Temporary absences do not count.

Half of what it costs to maintain a home needs to be paid by you.

This includes mortgage, rent, utility repairs or food.

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If filing HoH, you need a qualifying dependent that lives with you for half of the year and you must cover half of their living costs.

It is possible for two parents living separately to qualify for head of household if there are two children and one is with each parent for over 6 months of the year.

One child means parents may switch off who claims head of household each year.

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