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At what point does the software compute my SALT deduction?
As you enter in any order:
- State income tax
- local income tax if any
- local property tax, whether auto registration related (as allowed) or real estate property tax
- or alternatively, if no income tax, then sales tax
the program keeps a running total and uses that until the maximum allowed of $10,000 for a married couple.
Scruffy Curmudgeon
PFFM, IAFF, Locals 718 & 30, retired firefighter/medic; university faculty - Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 - O3
-------------------------------------------------------
-------------------------------------No Not an Intuit Employee - Just donating my time
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At what point does the software compute my SALT deduction?
As you enter in any order:
- State income tax
- local income tax if any
- local property tax, whether auto registration related (as allowed) or real estate property tax
- or alternatively, if no income tax, then sales tax
the program keeps a running total and uses that until the maximum allowed of $10,000 for a married couple.
Scruffy Curmudgeon
PFFM, IAFF, Locals 718 & 30, retired firefighter/medic; university faculty - Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 - O3
-------------------------------------------------------
-------------------------------------No Not an Intuit Employee - Just donating my time
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At what point does the software compute my SALT deduction?
- Mark as New
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At what point does the software compute my SALT deduction?
Scruffy Curmudgeon
PFFM, IAFF, Locals 718 & 30, retired firefighter/medic; university faculty - Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 - O3
-------------------------------------------------------
-------------------------------------No Not an Intuit Employee - Just donating my time
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At what point does the software compute my SALT deduction?
TurboTax does indeed operate to limit the legal maximum deductible to the Federal government imposed limit of $10,000. You are indeed presented a screen that tells you this limit on deduction has occurred. However, reading the rest of the screen tells considerably more, and it helps to read all and not just some of what is on the screen.
What is does not tell you is that it is preventing you from having recorded the excess, and to say so is a misreading of the screen. In fact, for other purposes than the SALT limitation, those excess taxes paid are recorded and may be used in some other context.
READ the attachment and ALL of the Text in that first page!
Scruffy Curmudgeon
PFFM, IAFF, Locals 718 & 30, retired firefighter/medic; university faculty - Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 - O3
-------------------------------------------------------
-------------------------------------No Not an Intuit Employee - Just donating my time