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[quote=Anonymous][quote=Anonymous][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]

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. [/quote]

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

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

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.[/quote]

We used to get hit by the AMT every year, but the first Trump “tax cut” didn’t change our bottom line tax bill much at all.  We benefited from the rate cuts, but losing SALT and a few other tweaks hurt us so it was essentially a wash.[/quote]

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