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

I've been taking the standard because we have a low morgage. [/quote]

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.[/quote]

No. I had to get an appraisal for some items before donatiing them and it because too much hassle after that. [/quote]

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