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is the $10k max on state/local deductions for each individual? diff for joint?

461 48 December 29, 2017 at 09:48 AM
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I can't find anything on this. If my wife and I file together jointly, do we get a max of $20k to deduct for state and local in 2018?

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Joined Dec 2007
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#2
No just $10k for both together.

Same as individual.

It's the new introduction and return of the "marriage penalty"!
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#3
But if you file joint, your standard deduction doubles to $24,000, so many households will not be itemizing anyway.
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#4
Unfortunately $10k total regardless of single or married. It sucks because we still come out better itemizing then taking the $24k standard deduction. Thanks California.
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#5
Losing $8000 in deductions. We just bought a house in 2017 and we budget and save in all ways that we can.
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Last edited by Autumn January 5, 2018 at 07:54 AM.
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#6
If you're itemizing $8000, the old standard deduction for married was 12,700 for a total of 20,700. The new deduction is 24400. You gained 3700, you didn't lose anything.
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#7
Not to mention that the marginal rates have all dropped.

For me in CT ("high tax state"), most of the calculators out there have me coming out around $2k ahead (meaning lower liability), which for me means with our current W4's, it should be more or less a wash come tax time because I've been sending the fed a ~ $2k check the past 3 years.

Too many people are getting hung up on the whole deduction thing when all that matters is if your total liability is going up or down. I'd bet most people complaining would actually benefit from this if they only actually ran the numbers than buying into the media hysteria.
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#8
10k total state and local taxes. If you previously deducted state income taxes and property taxes it is fairly easy to pass the 10k limit, especially in California. Plus we lost personal exemption so that is another 4K. Anyone in California with a mortgage pretty much is paying substantially more with the new tax laws
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