Definition of nondeductible in US English:
nondeductible
adjectiveˌnɑndɪˈdəktəb(ə)lˌnändiˈdəktəb(ə)lˌnɑndɪˈdəktəb(ə)l
Not allowable as a deduction from income for the calculation of taxes.
Example sentencesExamples
- Prior to 1998, individuals who wanted to fund an IRA could make either a deductible or nondeductible contribution to a Traditional IRA.
- However, to the extent you made nondeductible contributions to a retirement account, those amounts will not be protected.
- 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.
- These increased limits apply for both deductible and nondeductible contributions to traditional IRAs.
- He will find methods of converting nondeductible expenses into deductible ones.
- If you take your spouse along, his or her travel costs are considered nondeductible.
- He should then transfer his nondeductible credit card and car loan debt to the line of credit that is tax deductible.
- Over the years, you made both deductible and nondeductible contributions to your Traditional IRA.
- 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.
- 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.
- 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.
- As you make payments back, the interest is nondeductible.
Definition of nondeductible in US English:
nondeductible
adjectiveˌnɑndɪˈdəktəb(ə)lˌnändiˈdəktəb(ə)l
Not allowable as a deduction from income for the calculation of taxes.
Example sentencesExamples
- Prior to 1998, individuals who wanted to fund an IRA could make either a deductible or nondeductible contribution to a Traditional IRA.
- Over the years, you made both deductible and nondeductible contributions to your Traditional IRA.
- 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.
- However, to the extent you made nondeductible contributions to a retirement account, those amounts will not be protected.
- These increased limits apply for both deductible and nondeductible contributions to traditional IRAs.
- 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.
- As you make payments back, the interest is nondeductible.
- He should then transfer his nondeductible credit card and car loan debt to the line of credit that is tax deductible.
- If you take your spouse along, his or her travel costs are considered nondeductible.
- 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.
- He will find methods of converting nondeductible expenses into deductible ones.
- 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.