Yo, what it do YouTube? In this video, we're gonna break down the head of household filing status. That and more coming up. (Music) Applause (Music) Applause (Music) Hey, what's up guys? This is Eli with Build Your Tomorrow, a channel dedicated to everything and anything personal finance. We believe in spending less than we earn, saving money, paying down debt, making sound investments, but most importantly, guys, we believe in investing in ourselves. So, if you are new here, consider subscribing. The head of household filing status is one of the most advantageous taxpayers have. Qualified for the head of household benefit from a higher standard deduction as compared to other filing statuses. For example, in tax year 2017, a single filer could claim a standard deduction of $6,350, while a head of household filer could claim a standard deduction of $9,350. And although two people that are married and filing jointly can claim a standard deduction of $20,700, when you do the math and divide it down per person, the standard deduction is only $6,350, again less than the standard deduction of the head of household filer. Now, to qualify for head of household, you have to meet the following criteria. You must have been unmarried at the end of 2017. You must have paid more than half the cost of maintaining your home in 2017. And you must have one or more qualifying dependents that lived with you for at least half of 2017. Now let's break down these three requirements and see if you qualify. First, the unmarried test. As mentioned, a taxpayer must have been unmarried on the last day of 2017 in order to file as head of household. That means that you're single, divorced, or legally separated. Second, the support test. You must have...
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Video instructions and help with filling out and completing What Form 2350 Claiming
