The new standard deduction is going to eliminate most from using the
Mortgage interest deduction. Along w the elimination of the personal exemption and the cap to Salt. Many will no longer itemize. As to your 401k “deduction” I’m not certain if you understand it correctly. Whatever you put into your 401k is not taxed as income today and it grows tax free until you remove it. However when you remove it, it is certainly taxed at normal income rates. There is no deduction. It is tax deferred and govt gets it money.
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In response to this post by Fuzzy Dunlop)
Posted: 01/29/2019 at 5:22PM