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The head of household filing status was created in 1951 to acknowledge the additional financial burdens faced by single people caring for dependents. [ 3 ] [ 1 ] Consequently, it provides single parents and other people caring for qualifying dependents with a larger standard deduction and preferential tax rates compared to single filers ...
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Plus, for a head of household filer this income level falls into the 12% tax bracket, significantly below the bracket that applies to single filers with this income.
Filing as a head of household can have substantial financial benefits over filing as a single status taxpayer. As a head of household, one may obtain a more generous tax brackets and larger standard deductions. [14] There are many special rules and exceptions applicable to head of household filing status. [15]
There are five tax filing statuses the IRS allows you to claim: Single, married filing jointly, married filing separately, head of household and qualifying widow(er). There are two main advantages ...
For example, the income level at which each rate starts generally is higher (i.e., tax is lower) for married couples filing a joint return or single individuals filing as head of household. Individuals are subject to federal graduated tax rates from 10% to 37%. [ 20 ]
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Filing status Year Single Married filing separately Married filing jointly Qualifying surviving spouse Head of household 2024 [6]: $14,600 $29,200 $21,900