How does the salt deduction affect individuals who contribute to 529 plans?

Sep 4, 2020 ... The SALT deduction is a warped way to do social policy; at worst it is a politically-motivated handout to the richest people in the richest places. The partnership or S corporation must also furnish each partner and shareholder with a copy of the Colorado K-. 1 reporting their share of income, deductions,. Feb 12, 2025 ... $15,000/$30,000 SALT Cap: The current SALT deduction cap would be increased to $15,000 for individual taxpayers and $30,000 for married couples, ... The SALT deduction for state and local taxes can only be claimed if you itemize on your tax return - that is, when your itemized deductions are greater than ... Mar 13, 2019 ... This blog focuses on what the reduced deduction means for taxpayers, especially in high-tax states like California, New York and New Jersey. Sep 18, 2024 ... “To NJ07, SALT means getting our full state and local tax deduction back. But to @suealtman and her radical allies, SALT stands for 'Sue Altman ... 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 ... Feb 3, 2023 ... an itemized deduction on their federal income tax returns. The TCJA was passed in late 2017 and limited the SALT deduction to $10,000. The ... Oct 19, 2017 ... The tax plan from President Trump and congressional Republican leaders would end the federal deduction for state and local taxes (SALT). 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 ...