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SALT adjustment not calculating correctly?
I'm curious if anyone else is running into this issue and/or knows the solve...
Turbotax has a "State and local taxes greater than $40,000" line item that is making an adjustment to my itemized deduction amount. The problem is that the math doesn't add up - my personal property, real estate, a state & local income tax are above $40k, but the amount is less than half of the adjustment that Turbotax is making. So it seems to be reducing my itemized deduction by more than it should.
Thursday