nondeductible


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Antonyms for nondeductible

not allowable as a deduction

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References in periodicals archive ?
But this has been disproved; the court in the Olive case, as mentioned above, determined that selling marijuana and offering complimentary nonprohibited products and services did not create a second line of business, and as a result, all non-cost of goods sold expenses were nondeductible.
Problems can arise for people who hold nondeductible dollars in their IRAs when they take distributions.
However, a client may make nondeductible contributions to an IRA even when his or her income is too high to qualify for a tax deduction.
401(k) plan) for his or her own benefit, and the amount rolled over equals only the sum of deductible contributions and earnings on all contributions (whether earned on deductible or nondeductible portions) but not any nondeductible contributions, the entire amount roiled over will not be taxed at the time of rollover.
Nondeductible expenses that are not properly chargeable to capital accounts; and
Taxes will not be owed on the original nondeductible contributions because they've already been paid, although the previous earnings on those contributions will be taxable.
Thus, the proposal may embolden the filing of frivolous lawsuits or may compel defendants to pay inflated compensatory damages in order to avoid paying a nondeductible punitive damage award.
If you make a nondeductible IRA contribution, you must file Form 8606 with your yearly federal income tax return, then hold on to that from virtually forever; you'll need it when you reach retirement age and start making withdrawals from the IRA so that you can calculate the tax due on the withdrawals.
This eliminates the Roth contribution strategy for higher-income clients--unless the client first makes nondeductible contributions to an IRA and converts those funds to a Roth.
Nondeductible contributions are generally not subject to the 6% excise tax under section 4973, unless the contribution amounts exceed the maximum deduction amounts set forth in section 219(b).
They can take advantage of this change now, by making nondeductible contributions to traditional IRAs, then rolling these amounts into Roth IRAs in 2010.
In particular, section 3 makes clear that taxpayers may not specifically identify qualifying dividends as either deductible or nondeductible in whole or in part.
219(g)), or may have made nondeductible contributions reported on Form 8606.
To help clients accomplish nonalimony treatment, CPAs can avoid the interpretive difficulties discussed above by suggesting to the divorce lawyers this simple language be used in divorce documents: "The parties designate the payments as excludable/ nondeductible under IRC sections 71 and 215.
The IRS imposes a 10-percent excise tax each year on any nondeductible contributions that remain in the trust.