Are distributions from Coverdell ESAs subject to state and local income taxes?

Jan 29, 2021 ... "The SALT deduction is critical for local governments, preventing additional strain on millions of middle-class families and helping cities ... Nov 26, 2024 ... Starting with the 2018 tax year, the maximum SALT deduction became $10,000. There was previously no limit. This has left some high-income filers ... Jan 30, 2025 ... The much-reduced SALT deduction would encourage wealthy taxpayers to move to states with low or no income taxes, such as Nevada, Texas and Florida. Sep 26, 2024 ... The TCJA eliminated itemized deductions subject to the 2% adjusted gross income (AGI) floor, like unreimbursed employee expenses, brokerage and ... Mar 22, 2024 ... What is the SALT deduction cap? The SALT deduction cap limits the itemized deduction for state and local taxes to $5,000 for a married person ... Jun 22, 2023 ... The SALT deduction is a subsidy for high-income taxpayers in high-tax states, paid for by the rest of Americans. It created perverse incentives ... The $10,000 U.S. cap on deductions for state and local taxes (SALT) is, understandably, on the minds of many taxpayers in high-tax states, especially with ... Sep 18, 2024 ... The 2017 Tax Cuts and Jobs Act (TCJA) wisely capped the value of the SALT deduction at $10,000, which helped provide resources that were used to ... Mar 9, 2020 ... What is the SALT deduction, and can you take advantage? · Mortgage interest (subject to a limit of $1 million or $750,000, depending on when you ... Nov 2, 2021 ... ... SALT tax deduction as only helping “high-income households.” Sen. Bernie Sanders (D-VT) opposed efforts to restore the SALT tax shelter for ...