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re: Vote for budget in happening now in House. *******PASSED!!!!!
Posted on 10/26/17 at 12:43 pm to Jake88
Posted on 10/26/17 at 12:43 pm to Jake88
Are the discussions on the 401k deduction on lowering the limit or requiring taxes to be paid on all income placed in your 401k (i.e. they are requiring us to count it in our taxable income)?
Currently, the limit is the first $18,000 into 401k are tax exempt, right?
That means at 5% of your salary, you'd have to make over $360k in taxable income before this affects you. Are the rumors that the limit will be lowered or that the entire option of pre-tax for 401k contributions will be removed?
Currently, the limit is the first $18,000 into 401k are tax exempt, right?
That means at 5% of your salary, you'd have to make over $360k in taxable income before this affects you. Are the rumors that the limit will be lowered or that the entire option of pre-tax for 401k contributions will be removed?
1
Posted on 10/26/17 at 12:51 pm to Geauxgurt
quote:
Are the discussions on the 401k deduction on lowering the limit or requiring taxes to be paid on all income placed in your 401k (i.e. they are requiring us to count it in our taxable income)?
They won't touch 401Ks. That's off the table.
Sources: Trump and Rubio.
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