One Big Beautiful Bill: SALT Deduction Changes for 2025 (Part 3) - TurboTax Tax Tip Video скачать в хорошем качестве

One Big Beautiful Bill: SALT Deduction Changes for 2025 (Part 3) - TurboTax Tax Tip Video

https://turbotax.intuit.com/tax-tips/... Learn how the One Big Beautiful Bill, also known as the Working Families Tax Cut changes your State and Local Tax (SALT) deduction for 2025. In this video, we'll cover how the new law raises the SALT deduction cap, adjusts income limits, and could lower your federal tax bill—especially if you live in a high-tax state. 00:00 One Big Beautiful Bill: SALT Deduction Changes for 2025 00:11 What is the SALT deduction? 00:32 The good news 01:00 Who qualifies for the full amount? 01:40 What do these changes mean to your taxes? Learn more about recent tax reform here: https://turbotax.intuit.com/tax-reform/ Click here to subscribe for more tax tips by TurboTax: https://www.youtube.com/turbotax?sub_... TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: https://blog.turbotax.intuit.com TurboTax Facebook:   / turbotax   TurboTax Instagram:   / turbotax   TurboTax Tik Tok:   / turbotax   TurboTax Pinterest:   / turbotax   ~~~ Video Transcript ~ One Big Beautiful Bill: SALT Deduction Changes for 2025 (Part 3): Did you know the State and Local Tax (SALT) deduction limit increased? Here’s how recent tax law changes updated this valuable tax deduction. The SALT deduction lets taxpayers who itemize deduct certain state and local taxes—such as property, income, or sales taxes—from their federal taxable income. Under the One Big Beautiful Bill, also known as the Working Families Tax Cut, the maximum SALT deduction amount and income eligibility rules have temporarily changed. Here’s the good news. Beginning in 2025, the cap goes from $10,000 to $40,000, or to $20,000 for married couples who file separately. The cap increases to $40,400 for 2026 and increases 1% every year after that through 2029. Then in 2030, it will revert to the $10,000 cap, or to $5,000 if married filing separately. But who qualifies for the full amount? Taxpayers are still only able to claim the SALT deduction if they itemize their deductions on their tax return. The full $40,000 cap applies if your modified adjusted gross income is $500,000 or less. For married taxpayers filing separately, the 2025 threshold is $250, 000. If your 2025 modified adjusted gross income is over these thresholds, the cap is gradually reduced by 30% of every dollar over the threshold until it reaches $10,000, or $5,000 for married filing separately. In other words, even high earners won’t get less than the old cap amount. These thresholds will be adjusted for inflation beginning in 2026. So, what do these changes mean to your taxes? The SALT deduction cap increase could influence whether itemizing deductions is more beneficial to you than taking the standard deduction. So, it may be worth reevaluating your approach. If you live in a high-tax state and itemize your deductions, the higher SALT cap could significantly reduce your federal tax bill. For example, if you pay $22,000 in state and local taxes, under the previous law, you were only able to deduct $10,000. But if you qualify for the increased SALT deduction cap, you could now deduct the full $22,000. Recent tax law changes bring several new tax laws for 2025 and beyond. Understanding how they affect you doesn’t have to be stressful. Filers could see up to $1,000 refund increase or lower balance due, based on recent tax law changes. . TurboTax is your trusted resource for tax law changes. Click on the next video in this series to stay informed and confident about your taxes. Visit turbotax.com for more info and file with confidence! ~~~