I am trying to maximize the SALT deduction (10K) since I already qualify for itemized deductions. I only paid 9K in state taxes and about the same in State sales tax, however I understand I can only use one or the other.
That said, I owe close to 4K to my state because state taxes weren't taken out of my military retirment pay check. Shouldn't the amount I owe for state income tax (4K) count toward the SALT limit of 10K for the 2020 calculation? Or will this amount only count toward my 2021 SALT limits next year?
It seems like if I own for 2020 it should count on my 2020 return so I can get the full 10K deduction. Right now I'm short of that and next year I'll certainly be over if the 4K I pay for 2020 taxes get added to my 2021 SALT limit.
You'll need to sign in or create an account to connect with an expert.
"Or will this amount only count toward my 2021 SALT limits next year"
It only counts when you actually pay it...sorry.
I figured that would be the answer. Thanks for the help
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
cbward
New Member
tswarts2
New Member
mvanhuizum-gmail
New Member
sgeremia
Returning Member
rbrower42
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.