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Head of Household. Head of Household is a filing status for individual United States taxpayers. It provides preferential tax rates and a larger standard deduction for single people caring for qualifying dependents. To use the Head of Household filing status, a taxpayer must: Be unmarried or considered unmarried at the end of the year.
Definition of Head of Household. Head of household is a filing status the IRS uses to determine what tax bracket, tax credits and responsibilities apply to you during the course of a tax year. To ...
Consider a single parent earning $60,000 while providing more than half the support for two dependents who live with them for most of the year. This person qualifies for head of household filing ...
Filing as single means you are unmarried, divorced or legally separated. Filing as head of household means you are unmarried and have at least one qualifying dependent. If you qualify to file as ...
With one child and parent filing singly or as head of household, as of 2020: [37] Tax credit equals $0.34 for each dollar of earned income for income up to $10,540. For income between $10,540 and $19,330, the tax credit is a constant "plateau" at $3,584.
Taxation in the United States. Under United States federal income tax law, filing status is an important factor in computing taxable income. [1] Filing status depends in part on marital status and family situation. [2] There are five possible filing status categories: single individual, married person filing jointly or surviving spouse, married ...
The head of household status can lead to a lower taxable income and greater potential refund, but to qualify, you must meet certain criteria.
The United States federal child tax credit (CTC) is a partially-refundable [a] tax credit for parents with dependent children. It provided $2,000 in tax relief per qualifying child, with up to $1,400 of that refundable (subject to a refundability threshold, phase-in and phase-out [b]). In 2021, following the passage of the American Rescue Plan ...