SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox every month.
Jerry Siver, CPCU
Licensed Insurance Advisor
Siver Insurance Agency, Inc.
P.O. Box 398, 125 Main St., South Lancaster, MA 01561
Phone: 978-368-8558
Toll Free: 800-696-8559 Ext. 217
Email: jerry@siverinsurance.com
November/December 2020
Widowed Parents and Taxes
Life can be turned upside down in a minute. A sudden car accident could result in someone becoming a widow(er). That type of event changes everything, including your tax filing status. It is especially difficult for parents of minor children. Here’s a brief overview of what any recently-widowed parent should know.
Filing Status
You may retain the married filing jointly status for the year in which your spouse died, even if you filed separately. This is important, because it lets you keep a much higher standard deduction, which is $24,800 in 2020.After that, you may be able to file as qualifying widow(er) with a dependent child status for up to two years. This would allow you to retain the same standard deduction as married filing jointly.
Who Qualifies?
Here are some general requirements for filing as a qualifying widow(er) with a dependent child:- You must have qualified for married filing jointly status in the year of your spouse’s death;
- You have a dependent child, stepchild, or adopted child (not foster child) living with you, or temporarily at school, and you pay over 50% of the costs of your home;
- You have not remarried. Remarriage in the same year as a death would require the widow(er) to file as either married filing jointly with their new spouse or married filing separately. With either, a married filing separately tax return would need to be filed for the deceased spouse.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Investment Advisory Services offered through Siver Financial Services, a Registered Investment Adviser.
Siver Insurance Agency, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.