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Money and Finances
Reply to "SALT Tax Deduction Increase"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]When do you guys think this will take effect IF passed? We are ready to file taxes and this $10k increase would impact our itemized return. [/quote] It is retroactive to 2023. Don't file yet. If you have already filed (which would be stupid under the circumstances) and this becomes law, file an amended return. For someone in the 32 percent bracket, this potentially represents a tax savings of $3,200.[/quote] Seems unlikely to pass. "If it were to pass the House, though, the bill faces long odds in the Senate, though opinions there on the SALT provision are mixed. Democrats considered lifting the cap during negotiations on Biden’s Build Back Better agenda, but those proposals ultimately stalled due to opposition from progressives and conservatives alike."[/quote]
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