One of the mysteries of the English language finally explained.
Not allowable as a deduction from income for the calculation of taxes.
- ‘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.’
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