I’m going through a divorce, and my husband and I have two children and just sold our home. Will there be a huge impact on our taxes this year filing as single?
Generally, depending on the income that each of you earn, it is possible that the taxes for filing single may be less than as married filing jointly. Some of this may depend on with whom the children live and how you have divided up their exemptions. Additionally, if a dependent child lives with you, your filing status would not be single, but rather would be head of household. Head of household filers pay less than people filing single at the same income level.
In short, it depends on the variables stated above, and I strongly encourage you to consult a CPA to help you determine your specific tax implications.
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Answered by: Mark B. Zinman, CPA, is a managing partner with Zinman & Company in Southampton, Pa.