US Congress Tax Bill Now Eliminates The Reductions on 401k 403b investment, BUT HOLD ON
The US Congress Tax Bill that I mentioned last week now does not include the 401k 403b plan contribution reductions. Great! The Bill contained them at the time I wrote the article. Now, it is not there. However, what is not there (pending) is the elimination of the mortgage loan and interest deductions.
I usually do not write about other matters than Workers Comp. Last week, and the upcoming weeks may be a good time for you to know what your Congressperson’s and Senator’s phone numbers are for later reference. Check here for the Senate phone numbers and here for the Congress.
Yes, I do read about tax implications and their effects. My ChFC allows me to provide monetary advice. I do that very little now, but like to keep up with what is going on in case I am asked questions on the matter.
This may all change by the time you read this article. The current items that apply to a large number of people are:
- Student Loan Interest Deduction – Ouch!
- Mortgage Loan Interest Deduction – Double Ouch!
Without these two deduction, many American will have little to no deductions other than the Standard Deduction. Follow that link to for an IRS Standard Deduction calculator. The IRS usually has great informative web pages on tax matters. The Standard Deduction may be all that you have left.
Corrections – OK, so since I start writing and posting this article last week, the deductions and everything have changed overall. The Mortgage Interest Deduction is still on for loans up to $500,000. The Student Loan interest is still subject to being eliminated. Now I know why I rarely write articles on what the Senate on Congress will do next.
At least the states have the control over Workers Compensation. For some reason, that seems to be more static than writing about what goes on at the federal level. Keep this article handy or the one I wrote two weeks ago for at least the phone numbers to your elected Federal Representatives.
Please note that I do not publish any political articles on this blog. Workers Comp is what this blog is all about day to day.
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