SALT deduction, any one familiar?

[debraannte]

where do i enter the deduction for SALT

[Anonymous_]

Contact your expert if you are using TurboTax Live.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbota...

The deductions appear on Schedule A as itemized deductions (subject to limitation).

[NCperson]

@debraannte - there is no 'deduction' for SALT, rather, when you enter your state and local taxes, which includes property taxes, there is a $10,000 limit on these expenses for the purpose of itemizing.  SALT =  State And Local Taxes,

if you take the standard deduction, SALT has no impact. 

[Carl]

SALT is an acronym. It's states for State And Local Taxes.  You are limited to deducting a maximum of $10,000 for these taxes on your federal return. $5000 if you are married filing separate. SALT is the total of all local taxes paid to include state tax, property tax, and any other tax imposed by any taxing authority at the state level or below. These taxes, if you paid them, are already on your tax return if you actually entered them when prompted by the program.

[Mike9241]

if you do deduct taxes be careful. if you pay real estate taxes through escrow, they'll probably be on your 1098-MTGE. if you enter the 1098 taxes they carry to schedule A. if you enter them again through the tax section, you're double dipping.

[VolvoGirl]

How much are your Itemized Deductions?  The questions I've seen turn out that the Standard Deduction + the extra 300/600 for charity is more than your Itemized Deductions .  Check 1040 line 12a-c.  Also some deductions are now limited.

There is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT".  SALT is State And Local Tax.  Which includes property tax, any state tax paid like for last year’s return and includes any state withholding from your W2s and any 1099s you have. And any taxes in W2 box 14 and 19 like SDI or VDI. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes.

Deductions that have been suspended for 2018-2025

https://ttlc.intuit.com/community/tax-reform/help/which-federal-tax-deductions-have-been-suspended-b...

[debraannte]

I’m not sure where to enter the amount from my husbands k1

where do I put the amount of his salt withholding

[debraannte]

Do I get a federal and state benefit from SALT

[DoninGA]

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@debraannte wrote:

I’m not sure where to enter the amount from my husbands k1

where do I put the amount of his salt withholding

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A Schedule K-1 does not have taxes withheld.  The State, Local and Property Taxes paid are entered on Schedule A as a personal Itemized Deduction, NOT a business deduction.

To enter a Schedule K-1

• Click on Federal
• Click on Wages & Income
• Scroll down to S-corps, Partnerships, and Trusts
• On Schedule K-1, click on the start or update button

Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1

[DoninGA]

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@debraannte wrote:

Do I get a federal and state benefit from SALT

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Are you not reading the replies to your posts on this thread?  Your question has already been answered several times.

SALT is an acronym for state, local and property taxes.  Those taxes are personal itemized deductions on the Federal Schedule A and only used if the Total of all your itemized deductions is greater than the Standard Deduction for your Filing Status.

[debraannte]

Thanks 

the k1 info I was able to enter The information from IT – 204 – IP which is New York partners schedule K-1

[debraannte]

Yes I AM reading but when you aren’t familiar

its difficult understanding it the rough email

but thank you