Just found out the wife ran up some serious credit card debt

This guy gets it.

Having money problems is, at its core, usually not a problem that is solved with money. I know it wasn't for me. Kinda like how alcoholism is not usually a problem with alcohol itself.

 

To put that in perspective..Let’s say you bought a used raced bike. The seller told you it had all these snazzy parts (Carrillo rods!). You get you hands on said motorcycle and find out it was misrepresented, no Carrillo’s, motor is a wheezing pile of shit. That’s also fraud..

 

Nah, that's hearsay.

 

You don't understand cheating, lying and interest rate is the solution to poor money management. Do those and the management will be fixed and the problem will never reoccur.

<the preceding was brought to all y'all by sarcasm the other humor>

 

What I've been thinking... been many years since I was able to get any tax benefit from mortgage interest. What pisses me off more is my IRA contributions being in the same boat, so I'm paying taxes twice on that $$.

 

Wait...what? IRA is treated as an income reduction. Taxes are paid when you take it out...unless it is a Roth.

 

Yeah. I think you're right. You could have a situation where you bump into AMT and then everything is effectively taxed. Although I think that is harder to do now. I used to get hit by AMT every year, but haven't in the last few years.

 

Not Roth. The amount that I'm putting in apparently isn't enough to be better than the standard deduction, been that way for 4-5 years.

 

Edit: wrong understanding.

 

Oh I think you are right, so then it would still help my employees and myself, no matter where you are with the standard deduction.

 

Nope, though other factors could influence deductibility.

 

Just googled the 1040 form. IRA contributions are deducted from your income to determine adjusted gross income. Itemized or standard deductions come off after that.

 

Whatever it is, I keep trying... and every year it says "nope". There were probably 20 years before this that I was able to deduct, so it's still a crap shoot on converting to Roth now.

 

Apparently, most here forget the major changes to the tax code that happened in 2017.
Standard deductions were increased significantly while previously itemized deductions reduced and eliminated.

In no cases were tax-deferred contributions to retirement accounts taxed in the current year up to the allowable cap.

 

If you or your wife have a 401k that could impact it.

 

We do.

Let's get back to offering the OP questionable advice...

 

It's starting to sound like he may be dealing with the income limits for being able to contribute to a Roth

 

oh my lord.... damnit all the financial advice will help yes... but truthfully think about it?? won't reconcile the damn fking situation. if both aren't on board!!? end of day it's about the damn dollar it's weather they as people can figure it out! hell anyone with enough effort can make a damn buck! green backs can fuck alot of things up.. DOLLARS AND CENTS let's think about that? everything can work it's self out? till the $ is involved .. should've been talked about and both involved...end of day without me being an ass! just saying should've been discussed..not trying do be a prick!! but communicate!! it goes a long way.... guessing kinda where shit went sidways...

 

You rang???