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What's new for filing 2015 tax returns.

* Standard Deductions: The standard deduction amount for single or separate taxpayers increased from $3,992 to $4,044 for tax year 2015. For joint, surviving spouse or head of household taxpayers, the standard deduction increased from $7,984 to $8,088 for tax year 2015.

* Personal Exemptions: The personal exemption amount for single, separate and head of household taxpayers increased from $108 to $109 for the 2015 tax year. For joint or surviving spouse, the personal exemption credit increased from $216 to $218.

* Dependent Exemptions: The dependent exemption credit increased from $333 per dependent claimed in the 2014 tax year to $337 each for 2015.

* Earned Income Tax Credit: For taxable years beginning on or after Jan. 1, 2015, the refundable California Earned Income Tax Credit is available to taxpayers who earned wage income within California and lived here for more than six months. This credit is similar to the federal Earned Income Credit. This credit is available to taxpayers with earned income of less than $13,870. Additional information can be found on California form FTB 3514, California Earned Income Tax Credit.

See a full list of what's new online: professionals/taxnews/2016/February/01.shtml.

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Title Annotation:FTB NEWS
Publication:California CPA
Date:Mar 1, 2016
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