Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:So, how will the phase out work if your income is over $500,000? Say your MAGI is $600,000, how do you calculate the applicable SALT deduction?
For your income above $500K, it reduces the SALT deduction by $.30 on the dollar. So take 30% of your amount over $500K and subtract it from the $40K max. So at approximately $633K you will loose the entire SALT deduction
Thanks. This is helpful. We are above $650,000, so does SALT cap revert to $10,000 or is it eliminated?
Not to be mean- it is shocking that you make north of 600K and are worried that you might not get a tax break…. You will be fine, your family with have healthcare and groceries.
DP: Most of us with w2 income in the 500-800K range pay a shit ton in taxes, have no way to "hide from taxes". We are literally a huge part of the Top people who pay 80% of the taxes. So don't yell at people who are actually paying a huge percent of their income in taxes. We are not hiding it.
BTW, I didn't vote for this, I have always voted to pay extra taxes to help those in need.