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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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?[/quote]

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

[/quote]

Thanks. This is helpful. We are above $650,000, so does SALT cap revert to $10,000 or is it eliminated?  [/quote]

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.[/quote]

OP here. I never said I was worried about getting a tax break. In fact, I am against tax breaks for high earners like myself. I simply wanted to understand the new rule. I manage my finances myself and try to keep on top of tax laws, etc.  [/quote]

Well, great. You go ahead and pay more in taxes. We can set up a special donation fund for people like you.

I, for one, am delighted about this and I'm not embarrassed to say so. Between DC and the feds, we pay plenty.[/quote]

Cool beans lady.[/quote]

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