Your tax filing status may affect your tax rate, standard deduction amount, eligibility for tax credits and other factors influencing the amount of tax you owe. If you qualify for more than one filing status, it is important to review your options to make sure you do not overpay in tax.
For example, single taxpayers with at least one dependent child may qualify to file under Head of Household (HoH) status. Taxpayers whose spouses passed away in 2020 or 2021 may be eligible for Qualified Surviving Spouse (QSS) status if they maintain a household with a dependent child. Either HoH or QSS status may result in significantly lower tax than Single filer status.
While most married couples benefit from filing jointly, Married Filing Separately (MFS) status may result in lower tax in some circumstances. And as a reminder, if you got married in 2022 or finalized a divorce or legal separation, you will generally need to use a different filing status than you used for 2021.
A tax professional can help you determine which status options you qualify for, and which of those will yield the lowest tax bill.