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Deductions & credits
Are you Single? You said ....get us over 12,500..... that is for Single. For a married Joint return the Standard Deduction is 29,500.
But if you itemize there is a limit on deducting tax paid. There is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT". SALT is State And Local Tax. Which includes property tax, any state tax paid like for last year’s return and includes any state withholding from your W2s and any 1099s you have. And any taxes in W2 box 14 and 19 like SDI or VDI. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes.
December 19, 2022
8:10 PM
974 Views