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Message
re: New tax bill- how will it impact you?
Posted on 12/5/17 at 7:42 am to go ta hell ole miss
Posted on 12/5/17 at 7:42 am to go ta hell ole miss
quote:
A lot of people with student loans itemize. Particularly the lawyers and doctors that are excluded from tax benefits of this bill.
The phase out is at $80k/$165k. I assume most lawyers/doctors are approaching those income levels.
0
Posted on 12/5/17 at 8:31 am to go ta hell ole miss
quote:
Particularly the lawyers and doctors that are excluded from tax benefits of this bill
If I've read the bill correctly, if they are excluded from the passthrough benefits then they weren't able to get the student interest deduction anyway. I believe I read that if a professional service pass through has MFJ of <$150k then they get the Senate proposed deduction.
If they're above $150k then they weren't getting much if any interest deduction.
Posted on 12/5/17 at 10:19 am to TheOcean
quote:
Student loan interest will affect a lot of people. Not a fan of taking that out.
Students already get the benefit of extremely low interest rates, why should they also get a deduction for the interest that they pay? Regardless, the higher standard deduction likely is better than itemizing for most people.
Posted on 12/5/17 at 10:20 am to Retrograde
quote:
It will help me for sure. Me and the wife take the standard deduction and come in a little over 100k gross. Should save about 4K or so per year with the bigger deductions and lower rate.
#MyPresident
Same here, but accidentally downvoted so I apologise.
MAGA
Posted on 12/5/17 at 10:23 am to lynxcat
quote:
In short, those who previously took a lot of itemized deductions are likely worse off and those who previously took the standard deduction are better off.
The real benefit here is that the federal government will have fewer areas where it is trying to incentivize social behavior. This is a great step in the right direction.
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