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oao123
New Member

At what point does the software compute my SALT deduction?

 
1 Best answer

Accepted Solutions
ScruffyCurmudgeon
Level 9

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; univ faculty NOT INTUIT EMPLOYEE
- 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

View solution in original post

4 Replies
ScruffyCurmudgeon
Level 9

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; univ faculty NOT INTUIT EMPLOYEE
- 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

View solution in original post

gordongrand
New Member

At what point does the software compute my SALT deduction?

Once I hit the $10K, TT will not allow entry into any SALT type tax field.  TT should accept ALL data and do the $10K cap calculations in a worksheet.  It also appears that TT will not accept input of estimated/quarterly taxes paid in 2018 after I hit the $10K limit on SALT?  This would be an error in the system.
ScruffyCurmudgeon
Level 9

At what point does the software compute my SALT deduction?

@gordongrand  It seems you have misinterpreted what was on the screen? So instead of dinging the answer, read the further explanation
Scruffy Curmudgeon--PFFM/ IAFF, Locals 718/30, retired firefighter/medic; univ faculty NOT INTUIT EMPLOYEE
- 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
ScruffyCurmudgeon
Level 9

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; univ faculty NOT INTUIT EMPLOYEE
- 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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