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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
November/December 2020
Tax Tips for Recently Widowed
1. Claim Your Tax Refund
You may be entitled to your deceased spouse’s tax refund.2. Sell Your Home
If you have a highly appreciated marital home, consider selling it within two years. This preserves a much larger $500,000 capital gains exclusion than the $250,000 exclusion available to single filers.3. Assess Life Insurance Needs
Your life insurance needs may have changed. Meet with your financial professional to review your new situation.4. File as Head of Household
If you were able to file as a qualifying widow(er) for two years you’ll have to change your tax filing status in year three. If you are providing support to a child, grandchild, sibling or other relative, you may qualify for head of household status. This is normally preferable to filing as a single taxpayer. 5. Social Security
If you were both taking a Social Security income benefit at the time of your spouse’s passing, you will now only be receiving one of those benefits. However, the new benefit should be the larger of the two.6. Remarriage
Remarriage in the same year as one’s spouse died 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.
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