Filing Status

AAA

DEFINITION of 'Filing Status'

A category that defines the type of tax return form an individual will use. Filing status is closely tied to marital status.

The five filing statuses are:

1. Single filer
2. Married person filing jointly or surviving spouse
3. Married person filing separately
4. Head of household
5. Qualifying window(er) with dependent child

INVESTOPEDIA EXPLAINS 'Filing Status'

The filing status is important because a person's tax bracket (and therefore the amount he or she must pay) is determined by marital status, number of children, occupation and several other factors. You must file your status honestly, or it will be considered fraudulent and penalties will be assessed.

RELATED TERMS
  1. Joint Return Test

    One of the tests administered by the IRS that potential dependents ...
  2. Married Filing Separately

    A filing status for married couples who choose to record their ...
  3. Married Filing Jointly

    A filing status for married couples that have wed before the ...
  4. Tax Bracket

    The rate at which an individual is taxed. Tax brackets are set ...
  5. Full-Time Student

    A status that is important for determining dependency exemptions. ...
  6. Single Filer

    The filing status used by a taxpayer who is unmarried and does ...
RELATED FAQS
  1. Must I pay Social Security taxes on my earnings after full retirement age?

    Everyone must make applicable Social Security contributions on income, even those working past the full retirement age. Working ... Read Full Answer >>
  2. When am I considered "married" for tax purposes?

    You are generally considered married for tax purposes as long as you were married as of the last day of the year, regardless ... Read Full Answer >>
  3. Which is better for tax deductions, itemization or a standard deduction?

    Each deduction that you claim may result in a decrease in the amount of taxes that you owe. However, whether you receive ... Read Full Answer >>
  4. Does everyone have to file a federal tax return?

    This may come as a surprise to many individuals, but not everyone needs to file a federal tax return. According to the IRS, ... Read Full Answer >>
  5. Who qualifies as "single" for tax or retirement purposes when spouses do not live ...

    For the purposes of taking a deduction for an IRA contribution, the IRS provides special allowances for individuals who are ... Read Full Answer >>
  6. Does the tradeoff model or the pecking order play a greater role in capital budgeting?

    The static trade-off theory and the pecking order theory are two financial principles that help a company choose its capital ... Read Full Answer >>
Related Articles
  1. Retirement

    Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  2. Savings

    Saver's Tax Credit: A Retirement Savings Incentive

    Here's another reason to put money toward your retirement nest egg.
  3. Taxes

    Retirement Plan Tax Form 5329: When To File

    Read this if you've taken early distributions or owe excess-contribution or excess-accumulation penalties.
  4. Taxes

    Retirement Plan Tax Form 8606: When To File

    If you have a Roth IRA, you are responsible for keeping track of your pretax versus after-tax assets.
  5. Taxes

    Capital Gains Tax 101

    Find out how taxes are applied to your investment returns and how you can reduce your tax burden.
  6. Taxes

    Explaining Progressive Tax

    A progressive tax is a levy in a tax system where the tax rate increases as the taxable base increases.
  7. Economics

    Why Working Doesn't Add Up For Many Women

    A type of tax deduction for Japanese stay-at-home wives puts a barrier on women working full time in the country.
  8. Taxes

    Tea Party Vs. Republican Party: Who Will Win In 2016?

    What agendas define the rift between the Tea Party and the Republican establishment, and which side will win the presidential nomination in 2016?
  9. Home & Auto

    What Are The Tax Advantages Of Buying A Home?

    Don't forget these deductions and credits that homeowners can use to reduce their tax bill.
  10. Taxes

    Corporate Tax Rates: The Highs and the Lows

    The United States is No. 2 in the world for its high corporate tax rate. There are ways around paying it, and many nations with lower rates are worse off.

You May Also Like

Hot Definitions
  1. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
  2. Moving Average - MA

    A widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random ...
  3. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  4. Productivity

    An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in ...
  5. Variance

    The spread between numbers in a data set, measuring Variance is calculated by taking the differences between each number ...
  6. Terminal Value - TV

    The value of a bond at maturity, or of an asset at a specified, future valuation date, taking into account factors such as ...
Trading Center