California’s Franchise Tax Board released updated personal income tax deduction and credit amounts for 2013. These amounts were adjusted from 2012 rates, based on a 1.7% rate of consumer inflation.
Standard personal income tax deductions are:
|Deduction/Credit||2013 Amount||2012 Amount|
|Standard deduction for single or married filing separate taxpayers||$3,906||$3,841|
|Standard deduction for joint, surviving spouse, or head of household taxpayers||$7,812||$7,682|
|Personal exemption credit amount for single, separate, and head of household taxpayers||$106||$104|
|Personal exemption credit amount for joint filers or surviving spouses||$212||$208|
|Dependent exemption credit||$326||$321|
|Renter’s Credit is available for single filers with adjusted gross incomes:||$36,955 or less||$36,337 or less|
|Renter’s Credit is available for joint filers with adjusted gross incomes:||$73,910 or less||$72,674 or less|
We’ll post the updated income tax brackets when they become available from the Franchise Tax Board.
Additional information about the 2013 tax rates, exemptions and other tax amounts can be found on the FTB website.