I don’t know for sure, but I don’t think so. The regs state that the taxpayer computes actual income and deductions for the period in question and then annualizes them. They say nothing about applying limits to the annualized amount after the fact. This issue isn’t unique to the SALT limitation. For example, a taxpayer with a $3,000 net capital loss in the first quarter is getting a net capital loss of $12,000, and an individual who makes a $7,000 IRA contribution in the first quarter is getting a $28,000 deduction.