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Old 10-03-2018, 02:52 PM
 
1,319 posts, read 293,260 times
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Quote:
Originally Posted by Lowexpectations View Post
Tx and 200k gross
If you live in Texas, SALT doesn't even affect you since the state tax rate is zero.
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Old 10-03-2018, 03:11 PM
 
846 posts, read 360,929 times
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Quote:
Originally Posted by Grlzrl View Post
If you live in Texas, SALT doesn't even affect you since the state tax rate is zero.
Doesnít sound like you know what the SALT deduction limitation applies to.
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Old 10-03-2018, 03:15 PM
 
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Quote:
Originally Posted by SuiteLiving View Post
Doesnít sound like you know what the SALT deduction limitation applies to.
State and local taxes. Do you pay local taxes?
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Old 10-03-2018, 03:20 PM
 
17,626 posts, read 12,211,350 times
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Quote:
Originally Posted by Grlzrl View Post
If you live in Texas, SALT doesn't even affect you since the state tax rate is zero.
So weíve come to the point in which we establish you donít understand the topic well enough to give advice. Add the fact that Iím going pretty good with math it doesnít look like you could be of value to me
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Old 10-03-2018, 03:57 PM
 
1,319 posts, read 293,260 times
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Quote:
Originally Posted by Lowexpectations View Post
So weíve come to the point in which we establish you donít understand the topic well enough to give advice. Add the fact that Iím going pretty good with math it doesnít look like you could be of value to me
Well, then instead of taking the FREE advice of s stranger on the internet trying to HELP you, maybe you should go PAY someone for advice.
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Old 10-03-2018, 04:06 PM
 
17,626 posts, read 12,211,350 times
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Quote:
Originally Posted by Grlzrl View Post
Well, then instead of taking the FREE advice of s stranger on the internet trying to HELP you, maybe you should go PAY someone for advice.
Why would I pay someone for advice on this? I understand it well so I’m not in need
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Old 10-03-2018, 05:04 PM
 
7,002 posts, read 6,638,516 times
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There's often a surcharge on taxes for sales, real estate, and property for an incorporated community above that levied by the state. The big thing for most people deducting sales taxes would probably be the car or the recreational vehicle. Some states require you add back on the state income tax deducted on the federal return. That's going to be convoluted for preparing the state return. The IRS reports the figure to the states.
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Old 10-03-2018, 05:37 PM
 
51 posts, read 19,074 times
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Quote:
Originally Posted by Grlzrl View Post
Usually people who make a lot of $$ are in homes with higher property taxes.
I know many people with very high incomes but less than $10k in property taxes. It all depends in which states the properties are located.
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Old 10-04-2018, 01:48 AM
 
11,325 posts, read 5,846,190 times
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Quote:
Originally Posted by Lowexpectations View Post
I am married and no I am not in a blue state. My property taxes are over 10k and therefore the amount I can deduct is limited, I lose the ability to deduct my sales tax and I have lost 8100 in the personal exemption. The delta in marginal rates is not sufficient to cover the amount my taxable income increased yoy

When push comes to shove, what really matters is your effective tax rate, not your marginal tax rate.


You're kind of quibbling over nothing if your AGI is $200K. On a joint return, the 24% bracket goes up to $315K. If you had some heroic deductions, it would knock you down to $165K where the 22% bracket ends.
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Old 10-04-2018, 06:56 AM
 
17,626 posts, read 12,211,350 times
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Quote:
Originally Posted by GeoffD View Post
When push comes to shove, what really matters is your effective tax rate, not your marginal tax rate.


You're kind of quibbling over nothing if your AGI is $200K. On a joint return, the 24% bracket goes up to $315K. If you had some heroic deductions, it would knock you down to $165K where the 22% bracket ends.

So with a basic understanding of how taxes are calculated, gross income of 200k in both years and I pay more taxes in 2018 than 2017 did my effective rate go up or down? It will go up and never did I mention marginal rates as Iím aware they arenít whatís important
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