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Contra Costa California Form 1040-SS: What You Should Know
To see how to figure your adjusted gross income for a homestead, click here. This form is for use by property owners as a sworn statement of adjusted gross household income to qualify for the additional homestead exemption for the property. To see how to figure your adjusted gross income for a homestead, click here. Calculator: Enter your household gross income up to 50,000, subtract the applicable federal tax, and you'll get your net income after federal and state income taxes. Note: If your net income is exactly 50,000, a 25.00 nonrefundable federal income tax credit will also be claimed. Calculator: Enter your household gross income up to 50,000, subtract the applicable federal tax, and you'll get your net income after federal and state income taxes. Note: If your net income is exactly 50,000, a 25.00 nonrefundable federal income tax credit will also be claimed. The federal and state tax codes are very similar, but certain changes may apply. If the income tax is subject to a phase-out (discussed below), your net taxable income after the phaseout won't be the same as your adjusted gross income (AGI). For more information, visit the IRS Website at. Net Gross Income To qualify for the additional homestead exemption up to the 50,000 limit, your adjusted gross income (AGI) must be more than the amount in box 6. If your AGI is less than 50,000, you will need to enter a lower adjusted gross income. Box 6 — Adjusted Gross Income Box 6 is for adjusted gross income that must be at least 50,000 to qualify for the extra 500 homestead exemption. For box 6 to be used, you must also be a C or D item taxpayer, or have adjusted gross income (AGI) of at least 50,000 (75,000 if unmarried) in excess of your joint and survivor-in-common exemptions. If box 6 are not used, you will have to determine your AGI from your filing status (single, married filing jointly, head of household). For example, consider the following three scenarios: Box 1 — Single You file a separate return (or have your own separate return filed by you). You have AGI 60,000.
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