from The American Heritage® Dictionary of the English Language, 4th Edition
- adj. Not deductible, especially for income-tax purposes.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- adj. that cannot be deducted for income tax purposes; and that tax has to be paid on
from the GNU version of the Collaborative International Dictionary of English
- adj. not allowable as a tax deduction. Opposite of
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- adj. not allowable as a deduction
Sorry, no etymologies found.
They don't get a deduction because of the wife's high income, so it's called a nondeductible IRA.
She puts away $5,000, and he puts away $5,000 his IRA is based on her earning and called a nondeductible spousal IRA; otherwise you have to have earned income to contribute to an IRA.
These investors can open a " nondeductible " IRA, put in up to $5,000 — $6,000 if they ' re at least 50 — and immediately convert to a Roth IRA with little or no tax.
Ms. Van Dusen tried to take the deductions on her 2004 tax return, but the IRS considered them nondeductible personal expenses and "wouldn't budge," said Ms. Van Dusen.
In that case, part of each distribution is tax-free until you recover all your nondeductible contributions.
In TurboTax, when you enter information about IRA distributions reported to you on Form 1099-R, the software asks if you ever made nondeductible contributions.
But to the extent that you made some nondeductible contributions of money that had already been taxed, those dollars don't get taxed a second time when you pull them out.
Remind the attorney to prepare a bill that breaks down deductible and nondeductible charges.
These expenses are nondeductible even though they're partly incurred in arriving at a financial settlement or to combat a claim to income-producing property.
To minimize the short-term impact on government revenues, taxation would follow the Roth pattern of nondeductible contributions and tax-free withdrawals.