topic How is the state and local income taxes greater than $10,000 calculated? in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/how-is-the-state-and-local-income-taxes-greater-than-10-000-calculated/01/638637#M258064 I paid $17,201 in state and local taxes, I know there is a $10,000 cap, but the state and local taxes greater than $10,000 is showing a negative $12,872 on my return. Thu, 06 Jun 2019 08:05:53 GMT kwinch8029 2019-06-06T08:05:53Z How is the state and local income taxes greater than $10,000 calculated? https://ttlc.intuit.com/community/taxes/discussion/how-is-the-state-and-local-income-taxes-greater-than-10-000-calculated/01/638637#M258064 I paid $17,201 in state and local taxes, I know there is a $10,000 cap, but the state and local taxes greater than $10,000 is showing a negative $12,872 on my return. Thu, 06 Jun 2019 08:05:53 GMT https://ttlc.intuit.com/community/taxes/discussion/how-is-the-state-and-local-income-taxes-greater-than-10-000-calculated/01/638637#M258064 kwinch8029 2019-06-06T08:05:53Z What form are you seeing a negative $12,872? https://ttlc.intuit.com/community/taxes/discussion/what-form-are-you-seeing-a-negative-12-872/01/638640#M258067 What form are you seeing a negative $12,872? Thu, 06 Jun 2019 08:05:54 GMT https://ttlc.intuit.com/community/taxes/discussion/what-form-are-you-seeing-a-negative-12-872/01/638640#M258067 Rachel_W 2019-06-06T08:05:54Z No need to respond to my last question I have researched... https://ttlc.intuit.com/community/taxes/discussion/no-need-to-respond-to-my-last-question-i-have-researched/01/638646#M258070 No need to respond to my last question I have researched the issue and have the answer. It is combining State and Local income taxes paid, Real Estate taxes paid and Personal taxes paid and deducting the $10,000 maximum deduction from that total resulting in the difference reducing my overall deductions. Thu, 06 Jun 2019 08:05:56 GMT https://ttlc.intuit.com/community/taxes/discussion/no-need-to-respond-to-my-last-question-i-have-researched/01/638646#M258070 kwinch8029 2019-06-06T08:05:56Z Yes, you are correct.  Beginning on your 2018 Tax Return,... https://ttlc.intuit.com/community/taxes/discussion/yes-you-are-correct-beginning-on-your-2018-tax-return/01/638656#M258072 <P>Yes,&nbsp;you are correct.&nbsp; Beginning on your 2018 Tax Return, you can only deduct a maximum of $10,000 for the&nbsp;<U>combination</U>&nbsp;of State, Local, Property, and Sales Tax deduction.<BR /></P><P>For more information on this new limitation and all the other recent tax changes, you can check out this TurboTax FAQ:&nbsp;<A href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return" target="_blank">How Will New Tax Legislation Affect My 2018 Tax Return?</A></P> Thu, 06 Jun 2019 08:05:58 GMT https://ttlc.intuit.com/community/taxes/discussion/yes-you-are-correct-beginning-on-your-2018-tax-return/01/638656#M258072 Rachel_W 2019-06-06T08:05:58Z Re: How is the state and local income taxes greater than $10,000 calculated? https://ttlc.intuit.com/community/taxes/discussion/re-how-is-the-state-and-local-income-taxes-greater-than-10-000-calculated/01/1100494#M402366 <P>What form is this calculated on so I can check the data?</P> Thu, 06 Feb 2020 21:01:33 GMT https://ttlc.intuit.com/community/taxes/discussion/re-how-is-the-state-and-local-income-taxes-greater-than-10-000-calculated/01/1100494#M402366 Denunzio 2020-02-06T21:01:33Z Re: No need to respond to my last question I have researched... https://ttlc.intuit.com/community/taxes/discussion/re-no-need-to-respond-to-my-last-question-i-have-researched/01/1100533#M402387 <P>The state, local, and property tax deduction is part of <STRONG>Schedule A.</STRONG></P> <P>&nbsp;</P> <P><LI-USER uid="1093142" login="Denunzio"></LI-USER></P> Thu, 06 Feb 2020 21:06:21 GMT https://ttlc.intuit.com/community/taxes/discussion/re-no-need-to-respond-to-my-last-question-i-have-researched/01/1100533#M402387 SusanY1 2020-02-06T21:06:21Z Re: No need to respond to my last question I have researched... https://ttlc.intuit.com/community/taxes/discussion/re-no-need-to-respond-to-my-last-question-i-have-researched/01/1103279#M403478 <P>Great, thanks!</P> Fri, 07 Feb 2020 02:44:59 GMT https://ttlc.intuit.com/community/taxes/discussion/re-no-need-to-respond-to-my-last-question-i-have-researched/01/1103279#M403478 Denunzio 2020-02-07T02:44:59Z
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topic How is the state and local income taxes greater than $10,000 calculated? in Get your taxes done using TurboTax
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I paid $17,201 in state and local taxes, I know there is a $10,000 cap, but the state and local taxes greater than $10,000 is showing a negative $12,872 on my return.
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How is the state and local income taxes greater than $10,000 calculated?
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I paid $17,201 in state and local taxes, I know there is a $10,000 cap, but the state and local taxes greater than $10,000 is showing a negative $12,872 on my return.
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No need to respond to my last question I have researched...
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https://ttlc.intuit.com/community/taxes/discussion/no-need-to-respond-to-my-last-question-i-have-researched/01/638646#M258070
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No need to respond to my last question I have researched the issue and have the answer. It is combining State and Local income taxes paid, Real Estate taxes paid and Personal taxes paid and deducting the $10,000 maximum deduction from that total resulting in the difference reducing my overall deductions.
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Yes, you are correct.  Beginning on your 2018 Tax Return,...
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https://ttlc.intuit.com/community/taxes/discussion/yes-you-are-correct-beginning-on-your-2018-tax-return/01/638656#M258072
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<P>Yes,&nbsp;you are correct.&nbsp; Beginning on your 2018 Tax Return, you can only deduct a maximum of $10,000 for the&nbsp;<U>combination</U>&nbsp;of State, Local, Property, and Sales Tax deduction.<BR /></P><P>For more information on this new limitation and all the other recent tax changes, you can check out this TurboTax FAQ:&nbsp;<A href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return" target="_blank">How Will New Tax Legislation Affect My 2018 Tax Return?</A></P>
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Re: How is the state and local income taxes greater than $10,000 calculated?
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https://ttlc.intuit.com/community/taxes/discussion/re-how-is-the-state-and-local-income-taxes-greater-than-10-000-calculated/01/1100494#M402366
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<P>What form is this calculated on so I can check the data?</P>
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Re: No need to respond to my last question I have researched...
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<P>The state, local, and property tax deduction is part of <STRONG>Schedule A.</STRONG></P> <P>&nbsp;</P> <P><LI-USER uid="1093142" login="Denunzio"></LI-USER></P>
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Re: No need to respond to my last question I have researched...
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<description><P>Great, thanks!</P></description>
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