I understand that i don't enter any additional state and local taxes beyond April, the month i max out.
My question now is; do i adjust the April state and local tax numbers so that for the period ending May, I max out at the $10K cap?
I think that's what I need to do, i am looking for an expert opinion to confirm my suspicion.
Along the same lines, I have a capital loss carryover. I finally have enough gains in December to offset the carryover loss.
So, my question is: Do i reduce the amount of capital gains for that period, which is the one that I have enough gains to offset the loss? Or do I divide the loss by 12 and apply a little of it across the year?
You have been helpful. PLEASE PLEASE RESPOND TO THESE QUESTIONS!
THANKING YOU IN ADVANCE.
