How much of your SALT
can you actually deduct?

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Under the 2017 Tax Cuts and Jobs Act, the SALT deduction was capped at $10,000 for all filers — a provision that hit high-tax states like Illinois especially hard. The One Big Beautiful Bill Act raised that cap to $40,000 for married couples ($20,000 single) starting in 2025.

However, the full benefit isn't available to everyone. For every dollar of MAGI above $500,000 (MFJ) or $250,000 (single), your cap is reduced by $0.30 — until it reaches the old $10,000 floor. This means a married couple earning $600,000 has their cap reduced by $30,000, bringing it back to $10,000.

This calculator shows exactly where you land. If you're close to the threshold, tax planning strategies like Roth conversions, deferred compensation, or retirement contributions may affect your eligibility — that's where a conversation with a CFP^® can make a real difference.

Converting from a traditional IRA to a Roth IRA is a taxable event. A Roth IRA offers tax free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal or earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59 ½ or due to death, disability, or a first-time home purchase (up to a $10,000 lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.

Our team of CFP^® advisors specializes in tax-efficient planning for families in the northern Chicago suburbs. SALT is just one piece — we can show you how Roth conversions, charitable giving, and income timing work together.