taxes

What is filing status?

 

What is filing status?

The Bankrate.com financial term of the day is: "filing status."

What kind of taxpayer are you? Prompt or procrastinating? Honest or maybe not-so-honest? Your tax form will want you to answer this question with your filing status, which is a way of categorizing yourself as a taxpayer to determine your tax bracket and the amount of taxes you'll pay. There are five filing status options: single; married filing jointly; married filing separately; head of household; and qualifying widow or widower with a dependent child.

Blood banks classify us by blood type, creditors by our credit scores. The Internal Revenue Service asks taxpayers to sort themselves by filing status.

For answers to all of your tax questions, visit the Taxes section at Bankrate.com.

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