Filing Taxes As A Qualifying Widower
If you are a widower and your spouse passed away in the past two years, you may be able to file your taxes as a qualifying widower. This can provide certain tax benefits, such as the ability to use the higher standard deduction or to claim certain tax credits that are not available to single filers. In this blog, we will explain what it means to file as a qualifying widower, how to do it, and what tax benefits you may be able to receive.
First, it's important to understand what it means to be a qualifying widower. In order to qualify, you must meet the following criteria:
- Your spouse passed away within the past two years
- You did not remarry before the end of the tax year
- You were eligible to file a joint tax return with your spouse in the year they passed away
- You have a dependent child (either natural, adopted, or stepchild) living in your home
If you meet these criteria, you may be able to file as a qualifying widower for the two tax years following the year of your spouse's death. For example, if your spouse passed away in 2020, you may be able to file as a qualifying widower for 2021, and 2022.
When you file as a qualifying widower, you will be able to claim the same deductions and credits as you would if you were filing a joint tax return with your spouse. This includes the higher standard deduction, which is typically more favorable than the standard deduction for single filers.
It's important to note that filing as a qualifying widower is not the same as filing as a surviving spouse. If you are a surviving spouse (meaning your spouse passed away more than two years ago), you will need to file as a single taxpayer and may not be able to claim the same tax benefits as a qualifying widower.
If you are a widower and believe you may qualify to file as a qualifying widower, it is recommended that you consult with a tax professional.
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Jeremy Raffer, MBA
Director, Partner & Wealth Manager
m. 201-773-4641
e. jeremy.raffer@stewardpartners.com
Steward Partners Global Advisory, LLC
Country Club Plaza
115 W. Century Rd, Suite 145
Paramus, NJ 07652
The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
Steward Partners Investment Solutions, LLC (“Steward Partners”), its affiliates and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and your attorney for matters involving trust and estate planning and other legal matters.
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