How To Use Nondeductible In A Sentence
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Individuals not eligible to make deductible contributions may make nondeductible contributions, the earnings on which would be tax deferred.Sentencedict
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In that case, part of each distribution is tax-free until you recover all your nondeductible contributions.
Paying Taxes on IRAs
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He should then transfer his nondeductible credit card and car loan debt to the line of credit that is tax deductible.
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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.
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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.
Paying Taxes on IRAs
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Instead of contributing the nondeductible amount to a Traditional IRA, where earnings grow tax-deferred, you can contribute the amount to a Roth IRA where earnings grow tax-free.
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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.
Smart Year-End Tax Moves for Investors
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Ministers generally are not allowed to deduct the daily cost of commuting to and from work, as such expenses are considered to be personal and nondeductible.
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These increased limits apply for both deductible and nondeductible contributions to traditional IRAs.
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This percentage should then be applied to any business expenses incurred to determine the nondeductible portion.
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As you make payments back, the interest is nondeductible.
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If the IRA includes nondeductible assets, both parties will need to inform the IRS of the change in ownership of deductible assets by filing IRS Form 8606.
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They don't get a deduction because of the wife's high income, so it's called a nondeductible IRA.
Forbes.com: News
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Over the years, you made both deductible and nondeductible contributions to your Traditional IRA.
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Remind the attorney to prepare a bill that breaks down deductible and nondeductible charges.
Julian Block: Legal Fees for a Divorce: What Is Or Is Not Deductible
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If you take your spouse along, his or her travel costs are considered nondeductible.
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He will find methods of converting nondeductible expenses into deductible ones.
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However, to the extent you made nondeductible contributions to a retirement account, those amounts will not be protected.
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Prior to 1998, individuals who wanted to fund an IRA could make either a deductible or nondeductible contribution to a Traditional IRA.
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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.
Julian Block: Legal Fees for a Divorce: What Is Or Is Not Deductible
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Rolling over assets can be advantageous for you; in fact it is comparable to you making nondeductible contributions to your IRA, where earnings accumulate on a tax-deferred basis.
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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.
Paying Taxes on IRAs
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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.
Stray Cat Strut: Woman Beats IRS