California Releases 2011 State Tax Brackets

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On Thursday, the FTB released the 2011 state tax brackets. Each year, the brackets are indexed to reflect changes in the California Consumer Price Index (CPI). Filing requirement thresholds, the standard deduction, and certain credits were adjusted along with income tax brackets based on the inflation rate of 2.7%, as measured by the California CPI from June 2010 to June 2011.

Below are some of the changes to various items:

 

2011

2010

Standard deduction – single or married filing separate $3,769

$3,670

Standard deduction – joint, surviving spouse, or head of household $7,538 $7,340

Personal exemption credit amount –
single, separate, and HOH taxpayers

$102 $99

Personal exemption credit amount –
joint filers or surviving spouses

$204 $198
Dependent exemption credit $315 $99

Renter’s Credit adjusted gross income limit – single filers

$35,659 $34,722

Renter’s Credit adjusted gross income limit – joint filers

$71,318 $69,443

The FTB has plans to release the tax rate schedules, filing requirements, or certain other indexed numbers in September, and we will post that information when it is released.

As always, please contact our office if you have any questions about this or any other matter.

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