SALT Phase out

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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.

+1. Blue state high six figure W2 professionals are paying full freight while the truly wealthy are fleecing us.

+1 million. W2 earners here with HHI in the 600k, we don't have an opportunity to steal and cheat.

We are enjoying substantial tax cuts though. Remember the AMT? That used to hit the high six figure W2 professionals in high tax states hard.

I've been taking the standard because we have a low morgage.

Does no one making over 500K have charitable donations of more than $30K? We make $350K and donate 35K plus have other deductions so wouldn’t take the standard.

You’re going to love the new limitation they put on charitable deductions.

What are the new limits?

Only can deduct the amount over 0.5% AGI and any deduction in the 37% bracket is limited to 35%.

This wouldn't be a huge problem for the PP making $350k who donates $35k. They can still deduct more than $33,000 of their total donations.

[Anonymous]

My spouse has both a 401(k) and a 403(b), as they work for an association. Spouse has maxed out 401(k) for many years.

The SALT changes are encouraging spouse to max out the 403(b) for the first time.

-MFJ $550K HHI in DC