2014 Personal Income Tax Deduction Schedule

From First Tuesday 8/30/14

California’s Franchise Tax Board released updated personal income tax deduction and credit amounts for 2014. These amounts were adjusted from 2013 rates, based on a 2.2% rate of consumer inflation.

Standard personal income tax deductions are:

Deduction/Credit 2014 Amount 2013 Amount
Standard deduction for single or married filing separate taxpayers $3,992 $3,906
Standard deduction for joint, surviving spouse, or head of household taxpayers $7,984 $7,812
Personal exemption credit amount for single, separate, and head of household taxpayers $108 $106
Personal exemption credit amount for joint filers or surviving spouses $216 $212
Dependent exemption credit $333 $326
Renter’s Credit is available for single filers with adjusted gross incomes: $37,768 or less $36,955 or less
Renter’s Credit is available for joint filers with adjusted gross incomes: $75,536 or less $73,910 or less
Renter’s Credit for single filers $60 $60
Renter’s Credit for joint filers $120 $120

We’ll post the updated income tax brackets when they become available from the Franchise Tax Board.

Additional information about the 2014 tax rates, exemptions and other tax amounts for California can be found on the FTB website.

The Internal Revenue Service also released updated income tax deductions and credits for 2014:

Deduction/Credit 2014 Amount 2013 Amount
Standard deduction for single or married filing separate taxpayers $6,200 $6,100
Standard deduction for joint or surviving spouse $12,400 $12,200
Standard deduction for head of household $9,100 $8,950
Personal exemption credit $3,950 $3,900
Dependent exemption credit is not to exceed the greater of: $1,000 or the sum of $350 and the individual’s earned income $1,000 or the sum of $350 and the individual’s earned income
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