So if you have paid $3000 in state quarterly tax estimates, the IRS allows you to deduct that $3000 you paid for state taxes from your federal tax return? Each member would individually deduct whatever he/she had paid in state taxes on their 1040's? None of us pays more than $10,000 in state tax, which I think I saw as the cap on it. Where exactly do you take this deduction on the 1040? It almost sounds too good to be true.
