Reply to SALT Tax Deduction Increase

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What am I missing?

Standard deduction for married couples filing jointly is $27,700.   Adding another $10K to current $10k is still below the standard deduction.

I guess the yay only applies if you are filing single/head of household.

Also, 2023 tax season is already here. Many of the tax softwares have already been coded to current tax laws.  Why do they change tax laws so late in the game?[/quote]

It helps if you are already itemizing.  Fro example if you have $10k in current SALT deduction, $5k in charitable donations and $10k in mortgage interest you would be under the standard deductions dot just take that.  But if SALT cap is raised to $20k you would be above and would itemize[/quote]

Who has only $5K in charitable deductions but $10K in mortgage interest? I know this is hypothetical but these numbers are wacky unless you're lower income and house poor.[/quote]

Is the charitibale deductions higher or lower than you expect with $10K in mortgage interest?  We did about $5K in donations and have mortgage interest of $14K.  We aren't religious so don't spend our fun money on that.[/quote]

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