Tax Filing for Singles
Whether it's your first year filing your taxes or you need to brush up on the basics, it never hurts to know exactly how the filing process works for a single person. Although it can still be confusing to sift through the IRS's terminology, technology has made tax filing easier than ever. For example, you may be able to file your taxes online in under an hour and receive a return in the mail or by direct deposit within weeks.
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Who is Single?
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If you are unmarried at the end of a tax year (December 31st), the IRS recognizes you as "single" and this can be your filing status. However, there are two exceptions for which you may be technically single but have a different filing status. If you support dependent children or parents who live with you, there may be more benefits to filing as "head of household" rather than single. Also, if you are a widow or widower caring for a dependent child, the law allows you to file jointly for up to two years after your spouse's death.
How to File
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If your income falls under a certain bracket (if you're filing for 2010, your gross income must be under $58,000) you may file for free online. If your income was over that amount, you may still e-file but you must pay a fee. If you are uncomfortable filing by yourself --- or your situation presents challenges, such as being self-employed or having started a small business --- you may prefer to hire a tax professional to help you. You generally must file by April 15th but that was extended to April 18 in 2011.
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Information You'll Need
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To file, you need your W-2 forms from your workplace (or workplaces, if you had multiple jobs within the tax year) and your tax forms from last year. If you earned any income over $400 through self-employment, you must file a Schedule SE in addition to your personal form 1040. The 1040 is the standard income tax return for individuals --- and the required form for those with self-employment income. You may qualify to file a shorter version of the standard 1040: either the 1040EZ or 1040A.
Other Considerations
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The 1040EZ is a much shorter version of the 1040, and you may qualify to use it if you're under 65, have no dependents, were not legally blind, had earned income less than $100,000 and interest income less than $1,000. You may fill out a 1040A if your income is below $100,000, you have capital gain distributions, you do not itemize deductions, and you have very few adjustments to your income (deductions for student loan interest payments, for example). Also, note that although you may be able to file your federal taxes using e-file, you may need to file your state taxes separately. Contact your state's department of revenue for more information.
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References
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