Change my tax filing status...or?

[northerndynasty]

Sooo...it's finally happened - my now 22-year-old only child has graduated college, begun her amazing career, and I'm on my own!  Still trying to realize it all!!

For the last 22 years I've had my tax status as: Head of Household, 1 dependent.  It's been to my benefit all-along.  But am I REQUIRED to, or SHOULD I, change my status now to Single?

I ask this, because, my thought process is:  if I LEAVE my status as the same, and I don't have "enough" income taxes taken out by the end of the year (I am still a very-young 51 year old full-time employed), should I not take advantage of the deficit to actually INCREASE my end-of-year IRA contribution to OFFSET what I would've owed in taxes (when using TT doing a mock return BEFORE I actually file)?  Liking this to forced-retirement contributions, instead of giving the money over to taxes?
 
Thoughts?

Thank you!

[BillM223 · Accepted solution]

First, you have to have a qualifying dependent to file as Head of Household. 

So now you will have to file as Single.

Yes, put your money in an IRA. Yes, it will reduce your taxes this year, and when you retire in a few months ( 😉 ), you will appreciate every penny you set aside.

"Forced retirement contributions"? Yes, the tax rules do strongly encourage you to make retirement contributions...and in the long run, it's to your benefit to do so.

[northerndynasty]

Thank you, Bill, for your response and helpful info!  I appreciate the feedback and encouragement!

Take care!