Reply to MD Taxes and SALT

Forum Index » Money and Finances

Reply to "MD Taxes and SALT"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Keep in mind that in 2017 the standard deduction for MFJ was $12K vs 2018 at $24K. So you aren't really losing "$10k" in SALT[/quote]
Why do people keep forgetting that we also lost the personal exemptions?[/quote]

True but most people come out ahead with the $2K child credit (a credit and not a deduction which is more powerful at lower incomes).[/quote]
But *most* people who used to use the itemized deduction due to high SALT have higher taxes even with the child tax credit, which if you are a dink, you don't get. But you would've gotten the personal exemption.[/quote]

You don't really know till you have done your taxes. If you had high SALT but paid AMT last year (as AMT limits SALT), you will generally be no worse off this year or at least within spitting distance.

There is a zone between 150K-200K who would have been just short of AMT last year and now have you SALT limited.

[/quote]
I'm going to guess that there are more people making between $150k to 200K than there are those who are making > $200K and had amt in previous years.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics