Filing Status 101: What It Means and Why It Matters

Filing status might sound like one of those IRS terms you breeze past on a form—but it actually affects a lot more than you think. Your status determines how much you owe, how much you might get back, and what tax credits you're eligible for.

So let’s break it down:

1. Filing Single

You're not married, not legally separated, and don’t qualify for any other category. Easy peasy.

Best for: Unmarried individuals with no dependents.

2. Filing Married Filing Jointly

You and your spouse file one return together. Typically results in the lowest tax rate and highest standard deduction.

Best for: Couples who want to combine income and deductions.

3. Married Filing Separately

You’re married, but file separately. Sometimes this makes sense (like if one spouse has high medical bills or student loans), but it can reduce credits and deductions.

Best for: Couples with unique financial or legal situations.

4. Head of Household

You’re unmarried and you financially support a dependent. You’ll usually get a better tax rate and a higher standard deduction than filing as single.

Best for: Single parents or caregivers providing for someone.

5. Qualifying Widow(er) with Dependent Child

This one applies if your spouse passed away within the last two years and you’re still supporting a dependent child.

Best for: Recently widowed parents who need time before switching to Head of Household.

So, Why Does It Matter?

Choosing the wrong filing status could mean leaving money on the table—or worse, triggering an IRS letter. (Nobody wants that kind of mail.)

And yes, it can get confusing, especially if your relationship status changed this year.

👉🏾 Need help figuring out what works best for you?

Book a Tax Prep Consultation

We’ll walk you through it so your return is correct and optimized for your situation.

—In The Moment Financial Services