Cal file tax

This payment is different than the Golden State Stimulus I. If you qualify, you only need to file your tax return to receive the Golden State Stimulus II payment. Golden State Stimulus I. The payments will be provided to these households shortly after they file their tax returns. T o qualify for the Golden State Stimulus I, you must:. File early to put money in your pocket sooner! Taxpayers requesting an extension will have until Monday, Oct.

More than million individual tax returns for tax year are expected to be filed, with the vast majority of those coming in before the traditional April deadline. Overall, the IRS anticipates most taxpayers will receive their refunds within 21 days of when they file electronically if they choose direct deposit and there are no issues with their tax returns. These different categories are called filing statuses.

Married persons can choose to file separately or jointly. While it often makes sense to file jointly, filing separately may be the better choice in certain situations. This is because marginal tax rates only apply to income that falls within that specific bracket. Of course, calculating how much you owe in taxes is not quite that simple. For starters, federal tax rates apply only to taxable income. This is different than your total income, otherwise known as gross income.

Taxable income is always lower than gross income since the U. To calculate taxable income, you begin by making certain adjustments from gross income to arrive at adjusted gross income AGI.

Once you have calculated adjusted gross income, you can subtract any deductions for which you qualify either itemized or standard to arrive at taxable income. Note that there are no longer personal exemptions at the federal level. Prior to , taxpayers could claim a personal exemption, which lowered taxable income. The tax plan signed in late eliminated the personal exemption, though. Deductions are somewhat more complicated. Many taxpayers claim the standard deduction, which varies depending on filing status, as shown in the table below.

Some taxpayers, however, may choose to itemize their deductions. This means subtracting certain eligible expenses and expenditures. Possible deductions include those for student loan interest payments, contributions to an IRA, moving expenses and health-insurance contributions for self-employed persons. The most common itemized deductions also include:.

If the standard deduction is larger than the sum of your itemized deductions as it is for many taxpayers , you'll receive the standard deduction. Once you have subtracted deductions from your adjusted gross income, you have your taxable income. If your taxable income is zero, that means you do not owe any income tax.

Unlike adjustments and deductions, which apply to your income, tax credits apply to your tax liability, which means the amount of tax that you owe. Tax credits are only awarded in certain circumstances, however. By contrast, nonrefundable tax credits can reduce your liability no lower than zero. The list below describes the most common federal income tax credits. There are numerous other credits, including credits for the installation of energy-efficient equipment, a credit for foreign taxes paid and a credit for health insurance payments in some situations.

Individuals may qualify for an exemption and not have to pay a penalty for not having qualifying health insurance coverage under California's Health Mandate.

Some exemptions can be applied for through Covered California and other exemptions can be claimed when filing your state tax return. The federal tax penalty was eliminated from the ACA, how does that affect me? In , the federal tax penalty associated with the ACA was reduced to zero. However under the California Health Mandate, beginning in , if you did not have Medi-Cal or other qualifying health care coverage for all twelve months of the previous calendar year, and you do not qualify for an exemption from the required coverage, you may be penalized by the FTB when you file your state income taxes.

Where can I get additional information about the Individual Mandates and the potential penalty under California's Health Mandate?