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New Section 68 rule cuts 37% filers’ deduction savings by $2,000 in 2026

Verifying
  • Section 68(a) reduces itemized deductions for taxpayers in the 37% federal bracket.
  • A $1 million joint filer loses about $5,405 of deductions and pays $2,000 more.
  • The rule applies to 2026 returns, which taxpayers will file in 2027.
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