Glossary: Itemized deduction (2026-06-20)

Location: Glossary: Itemized deduction

What was wrong: The itemized-deduction entry listed the SALT (state and local taxes) cap as $10,000.

What it now says: Corrected to the current $40,000 cap for 2025, raised from $10,000 by the 2025 tax law, now read from the centralized 2026 reference data file. The dedicated SALT Deduction glossary entry already carried the correct figure.

Why it was wrong and how it was caught: The general itemized-deduction explainer was not updated when the SALT cap changed, so a live number was wrong. Caught during the Source Ledger figure audit on June 20, 2026.

Primary source: IRS 2025 Instructions for Schedule A (Form 1040) (https://www.irs.gov/pub/irs-pdf/i1040sca.pdf)