What is the threshold amount for high-income taxpayers to limit itemized deductions in California for 2021?

The threshold amount for high-income taxpayers that limits itemized deductions in California for the year 2021 is indeed set at $212,288. This figure is crucial because it aligns with the state's efforts to ensure that taxpayers with higher incomes contribute fairly to the tax system by limiting the benefits of itemized deductions.

In California, the itemized deductions phase-out begins for taxpayers whose adjusted gross income exceeds this threshold. Once a taxpayer's income surpasses $212,288, their itemized deductions will start to be reduced, thereby increasing their taxable income. Understanding this limit helps taxpayers in California navigate their financial planning and tax obligations more effectively.

The other figures presented, while close, do not reflect the correct threshold set for that tax year. Thus, it is essential for high-income individuals in California to be aware of this specific limit to accurately assess their tax situations and make informed decisions when filing their returns.