State And Local Tax Deduction Limit 2024. A $10,000 cap on deductions on federal returns for state and local taxes paid is set to expire at the end of 2025. The limit is also important to know because the 2024 standard deduction is $14,600 for single filers and $13,850 in 2023.
The cap on the state and local tax deduction — known as salt — would rise from $10,000 to $20,000 this year for married couples earning up to $500,000. (ap photo/alex brandon, file) 4 min.
State Tax Changes Taking Effect January 1, 2024.
State and local taxes you pay are deductible if you itemize on your federal income tax return.
The State And Local Tax Deduction Allows You To Deduct Up To $10,000 Of Your State And Local Property Taxes, As Well As Your State Income Or Sales Taxes.
If you make $70,000 a year living in kansas you will be taxed $10,865.
December 21, 202317 Min Read By:
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20, 2024, 9:30 Am Utc.
Published mon, feb 13 20232:56 pm est.
But The Tax Cuts And Jobs Act Of 2017 Capped The State And Local Tax.
(ap photo/alex brandon, file) 4 min.