My SALT deduction this year is coming to only $7000 although it was $10,000 the last 3 years. Would appreciate any thoughts on why this might be the case. I am married filing jointly and have paid $30,000 in state and local taxes. Thank you
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Strat by checking your data entry for any errors, especially misplaced commas and decimals. Then make sure you keyed everything into the correct categories.
There is a $10K limit on State and Local Income Taxes (SALT) . So, if you have paid over $30K but Schedule A shows only $7k, you have a typo somewhere. If you are using the desktop program, click on Forms, and view your Schedule A. Look at Line 5, that is the data being used to calculate your deduction. You can click on the magnifying glass to the left of those numbers to open up the supporting form. You can correct the amounts there or you can go back to the interview section and update your numbers there. If you are using TurboTax Online, you have to make the changes in the interview portion - you can only views forms in TurboTax Online, not edit them like you can do with the desktop.
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Balsamiq12
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Raph
Community Manager
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Raph
Community Manager
in Events
Raph
Community Manager
in Events
Raph
Community Manager
in Events