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“W-2 only" with no dependents means you're filing as single with only one Form W-2 reporting your wages and you are not claiming any dependents. Practical implications:
Filing status: Single. You are not married and not eligible to use Head of Household or Married Filing Jointly/Filing Separately.
Income reporting: All taxable wages, tips, and compensation come from one employer and are reported on a single Form W-2. No other wage income (1099, additional W-2s) is involved.
Dependents: You are claiming zero qualifying children or other dependents, so you cannot claim related exemptions or child tax credits that require dependents.
Standard deduction vs. itemizing: Most singles with a single W-2 use the standard deduction unless you have deductible expenses that exceed it (mortgage interest, large medical expenses, state/local taxes within limits, charitable contributions, etc.).
Tax credits and deductions commonly affected:
You may still qualify for earned income tax credit only if you meet income and other rules (note: credit amounts differ with no dependents).
You may be eligible for the retirement saver's credit, education credits, or the premium tax credit if other eligibility criteria are met.
Withholding and refunds: Your employer’s federal income tax withholding on the W-2 determines estimated payments toward your tax liability. If too much was withheld, you get a refund; if too little, you owe.
Filing forms: Attach the W-2 to your Form 1040 (or e-file the W-2 data). No additional forms for dependents are required.
State tax: State wage reporting and liability follow the same single-wage, no-dependent situation; state rules for deductions and credits may differ.
“W-2 only" with no dependents means you're filing as single with only one Form W-2 reporting your wages and you are not claiming any dependents. Practical implications:
Filing status: Single. You are not married and not eligible to use Head of Household or Married Filing Jointly/Filing Separately.
Income reporting: All taxable wages, tips, and compensation come from one employer and are reported on a single Form W-2. No other wage income (1099, additional W-2s) is involved.
Dependents: You are claiming zero qualifying children or other dependents, so you cannot claim related exemptions or child tax credits that require dependents.
Standard deduction vs. itemizing: Most singles with a single W-2 use the standard deduction unless you have deductible expenses that exceed it (mortgage interest, large medical expenses, state/local taxes within limits, charitable contributions, etc.).
Tax credits and deductions commonly affected:
You may still qualify for earned income tax credit only if you meet income and other rules (note: credit amounts differ with no dependents).
You may be eligible for the retirement saver's credit, education credits, or the premium tax credit if other eligibility criteria are met.
Withholding and refunds: Your employer’s federal income tax withholding on the W-2 determines estimated payments toward your tax liability. If too much was withheld, you get a refund; if too little, you owe.
Filing forms: Attach the W-2 to your Form 1040 (or e-file the W-2 data). No additional forms for dependents are required.
State tax: State wage reporting and liability follow the same single-wage, no-dependent situation; state rules for deductions and credits may differ.