Anything above the stem doesn't count except for the risk of getting impaled in a crash. I prefer to keep the stack below the stem at 20-25mm max, and you're well within that. I've seen people with 40-50mm under the stem, and haven't heart (1st hand) of any failures, but of course it depends on how you ride. If you tend to work the bars hard when climbing or sprinting, or ride on lots of Pave, then I suggest you keep the stack short just in case.
BTW- there's no need to ever cut the fork, but cosmetics, or wanting to avoid being impaled may have you cutting it down after you've found your preferred stem height and ridden with a while to confirm.
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