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fsteen
New Member

MAGI for 2025 SALT deduction

How can I calculate ther MAGI for the 2025 Salt Deduction.  I itemize deductions and use the downloaded version of TurboTax.  The online version does not handle two of my issues.  Thanks,

 

Frank Steen

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2 Replies
rjs
Level 15
Level 15

MAGI for 2025 SALT deduction

Are you referring to the phasedown of the increased SALT limit for MAGI exceeding $500,000 ($250,000 MFS)? For that, MAGI is Adjusted Gross Income (AGI), Form 1040 line 11b, plus the Foreign Earned Income Exclusion, Foreign Housing Exclusion or Deduction, and excluded income from sources in Puerto Rico, Guam, American Samoa, and the Northern Mariana Islands. For most people MAGI will be the same as AGI on Form 1040 line 11b.

 

MAGI for 2025 SALT deduction

Are you asking about the increase in the SALT deduction?   Starting for 2025 returns itemize deductions the SALT (State And Local Tax) max was 10,000 and now is 40,000.  See IRS Schedule A draft

https://www.irs.gov/pub/irs-dft/f1040sa--dft.pdf

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