Updated: There are no changes to the existing deductibility of 401(k) contributions and IRAs in the first draft of the GOP's tax reform bill, released today.
Language from a primer on the 400-plus page bill says: "The Tax Cuts and Jobs Act makes no changes to the popular retirement savings options that Americans have today – including 401(k)s and Individual Retirement Accounts, or IRAs. Americans will be able to continuing [sic] making both traditional, pre-tax contributions and 'Roth' contributions in the way that works best for them."
The Congressional Joint Committee on Taxation is expected to release a score of the "Tax Cuts and Jobs Act" as early as today. The House Ways and Means Committee is scheduled to begin marking up the bill on Monday.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
