Were there any restrictions on prepaying state and local taxes after the Tax Cuts and Jobs Act?

Jan 11, 2022 ... Personal income tax itemized deduction for state and local taxes. (SALT). • Only taxpayers that itemize deductions may claim SALT deduction. Sep 30, 2024 ... According to the Treasury Department, the SALT cap has prevented more than 11 million Americans from deducting over $300 billion in state and ... 2 days ago ... After a week of meetings and discussions, Republicans still haven't settled on how to handle the state and local tax deduction, also known as “ ... Jan 29, 2021 ... ... (SALT) deduction starting in 2021. The proposal would allow taxpayers to fully deduct their state and local taxes on their federal income returns ... Feb 22, 2022 ... This will enable owners to take a full deduction of this state tax on their federal tax returns. ... SALT deduction will be limited to $10,000 ... Nov 4, 2024 ... The SALT Deduction Fight Is Coming Back—Whoever Wins the Election · Lawmakers in states including California and New York chafe at the $10,000 ... Feb 2, 2024 ... A married couple with an income of $499,999 can claim up to $20,000 in SALT deductions. A couple with an income of $500,000 can only claim up to ... 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 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 1, 2023 ... The SALT deduction allows taxpayers to deduct state and local taxes paid from their federally taxable income, however the 2017 Tax Cuts and Jobs ...