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I made 40,000 this year But i was head of household for half…

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I made 40,000 this...

I made 40,000 this year But i was head of household for half the year and the second half of the year I was just renting Filed as single I've paid 9k in taxes is that about right?

Submitted: 8 months ago.Category: Tax
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12/14/2017
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 8 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,310
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and would be glad to help you out.

You can only be one filing status during the year. So, if you were head of household all year, your taxable income will be $26,600 ($40,000 - HoH standard deduction of $9,350 minus an exemption of $4,050.) That will be a tax of $3,322.50.

If you were single all year, your taxable income would be $29,600 ($40,000 - single standard deduction $6,350 less $4,050 exemption. That makes your tax $3,973.75.

Hope that helps. Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 8 months ago
Yeah Carter thank you! One last thing. So will i be receiving money back since I paid 9,000 in taxes???
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 8 months ago

Yes, you will get a refund for the difference in tax due and the $9,000.

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Customer reply replied 8 months ago
You're awesome Carter! Thankyou!
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 8 months ago

Great! Please leave a rating when you get the chance! Thanks!

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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 8 months ago

Just wanted to clarify something for you as well on filing statuses. Just owning a home does not make you a head of household and renting a house does not make you automatically filing single. To be head of household, you need to be not married and you provide more than half of the cost of maintaining the household for a qualifying person (typically a child). Single just means you have not been married during the year.

IRS provides a good breakdown of filing statuses here: https://www.irs.gov/newsroom/determining-your-correct-filing-status.

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