This is just a broad brush of the IRS filing status options.Like most facets of the federal income tax law, there are many rules, exceptions and qualifiers for filing status. Tax professionals and the IRS website are the best sources for detailed information. The IRS bible on the subject is Publication 501 .

Determining the Optimum Federal Filing Status Can Save Tax Dollars

Indicating filing status on the Form 1040 just requires checking one of five boxes after the name and address block, but that check mark sets the financial framework for the tax return. It determines the taxpayer’s:

  • standard deduction amount
  • percentage of the tax levied on taxable income (tax rate)
  • deductions and tax credits that can be claimed.

Many taxpayers meet requirements for more than one status,and should select the status that saves them the most money. There are five filing statuses (yes, that’s the correct plural):