FTB tax season: EITC, deduction & credit increases, disaster relief.

• Position: FTB NEWS

* Earned Income Tax Credit: Starting with calendar year 2015 tax returns, California is offering its own Earned Income Tax Credit (www.ftb.ca.gov/individuals/faq/net/900.shtml) (CalEITC). This credit is in addition to the existing federal EITC. The CalEITC is refundable, meaning that taxpayers will receive a refund if the credit is greater than taxes owed. The credit is available to California households with adjusted gross incomes of less than $6,580 if there are no qualifying children, less than $9,880 with one qualifying child, or less than $13,870 with two or more. California's credit is based on income reported on a W-2 form--such as wages, salaries and tips--and was subject to California withholding. Income from self-employment cannot be used to qualify for the state credit.

* Standard Deduction and Exemption Credit Increases: The standard deduction for single or filing separately tax statuses for the 2015 tax year increased to $4,044. For joint, surviving spouse, or head of household filers, the deduction grew to $8,088. The...