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is there an income level above which you can't deduct mortgage interest? If so, that would totally suck, since this is the first year I'll be able to use that deduction, having bought my first house in April.

I'm single and project income of about $150,000 this year. My 401k is fully funded at $14K, and I'll have about $3500 in property tax and $8400 of mortgage interest to deduct, assuming I can still deduct it at that income level... can I? I also deduct state income taxes paid, estimate that to be about $10,900.</>

Take a quick look at the AMT form (6251), but it looks to me like AMT won't be a problem for you this year. There is a level of AGI at which you lose personal exemptions and there is a reduction in your allowed itemized deductions, but never a complete elimination of mortgage interest.

I also have $4000 set aside to put in a non-deductible IRA, since I just hit the beginning of the phase-out level for the ROTH.

I'd rethink this. Since you're not eligible for a Roth, my preference would be to put the money in an after-tax investment account. With the favorable tax treatment of dividends and long-term capital gains, I don't think after-tax traditional IRAs and 401(k) contributions beyond the limit of employer match are a really hot idea any more.

Phil
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