The value entered into TurboTax for 2023 local taxes paid in 2024 may be reduced by $275 when it is applied to Form OR-A because of the SALT Deduction Cap that was put in place by The Tax Cuts and Jobs Act, enacted in December 2017.
This Act has limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers, as explained by the IRS. The limit applies to tax years 2018 to 2025. Previously, there was no limit.
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