Sr. Citizen Question Please Re $ $10,000 Limit (State & Local)

Hi Folks,
Am in my 80's now, and although I hate to admit it, I miss many of the nuances with this kinda "stuff". Especially with the new tax regulations.
So, let me please ask to make sure I have it correct:
Married, filing jointly.
Lots of medical expenses; lots. (way over the 7.5 %)
Live in Mass., so State taxes and local town real estate taxes also very high.
Am I correct that State and local taxes, even if I again itemize, are limited to $ 10,000 total (sum of both of them) ?
If so, any way around this ? Any thoughts would be most appreciated.
Much thanks, Bob
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On 2/5/19 11:23 PM, Robert Rose wrote:

I am in MA as well. You didn't miss anything. The new tax code capped the deduction for the combination of State Income Tax and Local (i.e. property tax). MA is a state known for being on the higher end of the range of home costs and also being liberal with its school spending. This means that many will find the cap just eliminated a large chunk of that deduction. I know of no way around it, short of downsizing, or an outright move.
As you note, in 2018 the threshold to take medical deductions was 7.5% of AGI. If you are not aware, in 2019 it jumps to 10%.
Note, that most people do not understand taxes. The new code pushed a change to W4 tables and tax withholdings. Now that people are starting to do their taxes, they are seeing one of a few scenarios - (1) Indeed, they got a tax cut, but their withholdings gave them more in their paycheck then the cut, so they owe money. (2) Still got a bit of a cut, but were so used to getting a refund, they are not happy the refund is now far lower. (3) They used to have their W4 just right, and were +/- $100 at tax time. They got more every check, and like the two of us, just lost tens of thousands in deductions, and are presented with a tax bill well over $5000.
Congress has the power to adjust the code to change one bit of it, not a total re-write. There's a chance, however small, the SALT cap is removed for 2019.
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On Tuesday, February 5, 2019 at 11:24:54 PM UTC-5, Robert11 wrote:

Your tax rates dropped, don't know your amounts to calculate.k
bw
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