The Daily Deduction

Shorty 1040 - Getting Married or Divorced? Understand How This Affects Your Taxes

When your marital status changes, make sure you understand how that affects your filing status.

Your marital status depends on the last day of the year. If you were married on 12/31 of last year, you are considered married all year.

Married couples can file a joint return (known as Married Filing Jointly.)

Married couples aren’t required to file a joint return. You may file separately. This is known as Married Filing Separately.

Choose the Single filing status if you aren't married. It also applies to anyone divorced or legally separated.

If your spouse passed away during the year you can file a joint return, but you should check with a tax pro first.

If you lost your spouse recently and you have a dependent you may qualify to file as a Qualifying Widow(er) with Dependent Child. You should see a tax pro to be sure you qualify for this.The Head of Household filing status is normally reserved for single filers. who have paid more than half the cost of maintaining a home for yourself and at least one other qualifying person. 

Posted To: The Daily Deduction By: Lauryn on 9/29/2012 02:00:00 AM
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