California CPA November 2024 | Page 14

Tax Season Is Here — Are You Ready ?

2024

Tax Season Is Here — Are You Ready ?

Fast Tax Facts

Welcome to our annual at-a-glance compilation of federal and state tax information . User-friendly tax rate schedules , facts , figures and assorted data make this time-saving section a handy companion .
2024
2024
Federal
California
Standard Deductions Single
$ 14,600
$ 5,540
Married Filing Jointly , Surviving Spouse
29,200
11,080
Married Filing Separately
14,600
5,540
Head of Household
21,900
11,080
Additional for Age 65 and Older or Blind — Married
1,550
Additional for Age 65 and Older or Blind — Unmarried
1,950
( per individual for each situation , age or blind ) Taxpayer Claimed as a Dependent :
1,300
2024 TAX DATA SCHEDULE
2024 2024
Federal California
California Young Child Tax Credit For children younger than 6 years old on the last day of the tax year AGI phaseout $ 26,626 –$ 31,951 with a max credit of $ 1,154
California Renter ’ s Credit Married Filing Jointly , Head of Household , Surviving Spouse if AGI is below $ 101,492 $ 120 Single or Married Filing Separately if AGI is below $ 52,421 $ 60
IRC Section 179 Deduction
$ 1,220,000
$ 25,000
Sec . 179 Purchase Phaseout
$ 3,050,000
$ 200,000
Personal or Dependent Exemption
Suspended for tax years 2018-2025
Maximum Child Tax Credit ( qualifying child under age 16 ) Single / Head of Household / Married Filing Separate $ 2,000
AGI Phaseout : $ 200,000 – 240,000 Married Filing Jointly 2,000
AGI Phaseout : $ 400,000 – 440,000 Refundable Portion of Child Tax Credit 1,700 “ Kiddie Tax ” Unearned Income Exemption 1,300
California Exemption Credits
Single , Married Filing Separately , Head of Household
$ 149
Married Filing Jointly , Surviving Spouse
298
Dependent
441
Blind or Age 65 and Older
149
Senior Head of Household Credit 2 % of California taxable income , with maximum credit of $ 1,806 California AGI threshold of $ 95,779
California Joint Custody Head of Household Credit and Dependent Parent Credit 30 % of net tax with maximum credit of $ 592
Beginning of Personal Exemption Phase-out Range — Based on Federal AGI Single
N / A
$ 244,857
Married Filing Jointly , Surviving Spouse
N / A
489,719
Married Filing Separately
N / A
244,857
Head of Household
N / A
367,291
Beginning of Itemized Deduction Phase-out Range — Based on Federal AGI Single
Limitation on
$ 237,035
Married Filing Jointly , Surviving Spouse
federal itemized
474,075
Married Filing Separately
deductions is
237,035
Head of Household
suspended for tax
355,558
Rate Reduced over federal AGI limits
years 2018-2025
6 %
Schedule A Medical Deduction
Based on federal AGI
7.5 %
7.5 %
Schedule A State & Local Tax Deduction Max
Married Filing Separately
$ 5,000
N / A
All others
10,000
N / A
Schedule A Mortgage Interest Cap
Only ded . on debt Only ded . on debt up to $ 750,000 * up to $ 1,000,000
* loans entered into before 12 / 15 / 17 are not subject to this limitation .
12 CALIFORNIA CPA NOVEMBER 2024 www . calcpa . org