SACRAMENTO, Calif.-- California's state tax filing Season is officially open.
The Franchise Tax Board (FTB) announced Tuesday that is now accepting 2012 state tax returns, and announced the following updates on law changes and filing services for California taxpayers.
American Taxpayer Relief Act of 2012 - Due to changes contained in this federal legislation, the California Schedule CA (540 & 540NR), 540/540A and 540NR Booklets, and other products that reference federal Schedule A, are delayed as FTB staff analyzes the changes. The California Schedule CA is used by most taxpayers to make adjustments for differences between federal and state tax laws. Taxpayers who file using FTB's CalFile, ReadyReturn, or Form 540 2EZ are not affected. Check FTB's website for updates about when these schedules will be released.
Standard deduction - The standard deduction for single or filing separately tax statuses increased from $3,769 to $3,841. For joint, surviving spouse, or head of household filers, it increased from $7,538 to $7,682.
Exemption credit increases - The dependent exemption credit increased from $315 to $321 per dependent. The personal exemption amount for single, filing separately, and head of household filers increased from $102 to $104. For joint or surviving spouses, it increased from $204 to $208.
Tax rates increase for some - Income tax rates increased by up to 3% for individuals making $250,000 or more.
The income tax changes apply retroactively to all income earned or received since January 1, 2012. The law waives the underpayment of estimated tax penalty that results from a retroactive tax law change that takes place during the year.
Free Do-it-Yourself Services - FTB encourages taxpayers and practitioners to explore its many self-service applications available through FTB's website:
New CalFile features make filing easier - CalFile is one of the state's no-cost, easy-to-use e-file options that is available to more than 6.4 million taxpayers. CalFile accepts taxpayers with income of up to $339,464, itemized deductions, and some tax credits.
This year's version of CalFile offers new features to make it easier and more convenient for taxpayers to complete their return. Taxpayers have the new option to receive an email confirmation verifying the return was filed and the ability to save information and come back later to finish the return. Go to FTB's website and ftb.ca.gov to access CalFile.
Check Your Refund Status - After filing the 2012 tax return, taxpayers can use this service to see where their refund is. Generally, e-filed returns with refunds and requests for direct deposit are issued within seven days and mailed refund checks are sent within two weeks. Paper-filed returns take longer, up to six to eight weeks depending on the time of year the return is filed. This service is available in English, Spanish, and mobile devices.
Services Available in Spanish- FTB offers many services in Spanish including forms, publications, refund status, and answers to frequently asked questions.
