Good point. My total state and local tax bill was higher than $10k, so I would have been able to take a $10k SALT deduction, meaning I would have had to donate at least $3,850 in order to itemize. I donated about $2.5k of my own money (plus $2.5k in employer matches), so it made sense to take the standard deduction.
The standard deduction in 2024 is $14,600, so I’d have to claim $10k SALT deduction + at least $4.6k charitable deductions or other itemized deductions in order to benefit from itemizing. I could easily do that. I’m not looking forward to itemizing my tax bill, haha :)
For what it’s worth, the SALT deduction cap might sunset at the end of 2025, so it may make sense for more people to itemize charitable deductions again.
Good point. My total state and local tax bill was higher than $10k, so I would have been able to take a $10k SALT deduction, meaning I would have had to donate at least $3,850 in order to itemize. I donated about $2.5k of my own money (plus $2.5k in employer matches), so it made sense to take the standard deduction.
The standard deduction in 2024 is $14,600, so I’d have to claim $10k SALT deduction + at least $4.6k charitable deductions or other itemized deductions in order to benefit from itemizing. I could easily do that. I’m not looking forward to itemizing my tax bill, haha :)
For what it’s worth, the SALT deduction cap might sunset at the end of 2025, so it may make sense for more people to itemize charitable deductions again.