What is Your Tax Filing Status For 2007?

Your tax filing status for 2007 is explained here.

Single: If on the last day of the year you are unmarried or legally separated from your spouse under a divorce decree or a separate maintenance decree, and you do not qaulify for another filing status, your filing status is single. You can use form 1040EZ if you have no dependents and are under age 65 and meet other requirements.

Widow(er). Your filing status may be single if you were widowed before January 1, 2007, and
did not remarry before the end of 2007. However, you might be able to use another filing
status that will give you a lower tax. Check with your tax preparer or tax attorney.

Married Filing Jointly: If you are married at the end of the year and both you and your spouse agree, you can choose to file as married filing jointly. With a joint return, you report your combined incomes, and also your combined deductions. Also, you can file a joint return if only one spouse has income or deductions. Generally, you get the best tax benefit filing this way if you are married. If your spouse died during the year, you can file as married filing jointly as you are considered married for the whole year.

Married Filing Separately: You can choose this filing status if you are married. This status may be beneficial to you if you want to be responsible for only your tax, or if it results in lower tax than filing a joint return. Prepare your return both ways to find the best benefit for you. Once again, it is generally better to file a joint return. There are many credits you will not be able to take if you use this status, and it can cost you hundreds or thousands of dollars.

Head of Household: If you meet all of the following requirements, you may be able to file using this status.

1.) If you are considered unmarried or are unmarried at the end of the year.
2.) You paid more than half of the entire cost of keeping up a main home.
3.) A qualifying person lived with you for at least half of the year. If your qualifying person is a dependent parent, he or she does not have to live with you.

You use form 1040A or 1040.

Qualifying Widow(er) With A Dependent Child: You could be eligible to use this status for 2 years following the year your spouse died. If your spouse died in 2006, and you have a dependent child, you can use this status in 2007 and 2008. Generally, your tax rate will be lower than using married filing separately or single. Use Form 1040A or Form 1040.

If you have any questions, feel free to post a comment, or contact your tax preparer.

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Tim Watson is a tax preparer during the tax season. Do you need to learn even more about taxes? Here is a great guide U.S. Master Tax Guide . Need a break? Take a look at my Christmas Page . You may use this as is provided the resource box stays intact.