nondeductible

Also found in: Thesaurus.

non·de·duct·i·ble

(nŏn′dĭ-dŭk′tə-bəl)

adj.

Not deductible, especially for income-tax purposes.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

nondeductible

(ˌnɒndɪˈdʌktəbəl)

adj

(Accounting & Book-keeping) not able to be deducted

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

non•de•duc•ti•ble

(ˌnɒn dɪˈdʌk tə bəl)

adj.

1. not able to be deducted.

2. not allowable as a tax deduction.

[1940–45]

ThesaurusAntonymsRelated WordsSynonymsLegend:

Switch to new thesaurus

Adj.

nondeductible - not allowable as a deduction

deductible - acceptable as a deduction (especially as a tax deduction)

Mentioned in ?

deductible

References in periodicals archive ?

Notice 2018-99 provides guidance on how to determine the nondeductible portion of parking expenses in instances when the employer pays a third party to provide the parking and in instances when the taxpayer owns or leases a parking facility for the use of its employees.

Keeping Your Balance: Employee parking: Can we deduct it?

Per IRS Publication 541, a partner's adjusted basis decreases for "partner's distributive share of nondeductible partnership expenses that are not capital expenditures." In essence, partners receive no tax loss for nondeductible expenses at the K-l level and consequently recognize a larger taxable gain upon disposition of the partnership interest because of the lower adjusted basis derived from the nondeductible expenses.

Structuring the Ownership of Marijuana Businesses to Minimize Tax Impact

(See Trusted Advice, "Deducting IRA Contributions.") However, all eligible workers and spouses can make nondeductible contributions to a traditional IRA, regardless of income.

After-tax dollars in traditional IRAs

Rollovers, conversions, nondeductible contributions and inherited accounts can all have an impact on how distributions are taxed.

Who's Tracking IRA Basis? Enter the Advisor

The practical effect is that a taxpayer must recover any nontaxable amount (basis) ratably as distributions are received, by tracking basis on Form 8606, Nondeductible IRAs.

Making a "backdoor" Roth IRA contribution

A taxpayer has basis in an IRA to the extent of nondeductible contributions made to the IRA, minus any withdrawals and distributions of previously taxed contributions.

Annuities

162(f) to clarify and limit the types of nondeductible expenditures that are deemed to violate public policy.

Violation of public policy and the denial of deductions

So if you've maxed out your 401(k) or 403(b) contributions and don't qualify to make Roth IRA contributions because of your income level, you still can make nondeductible contributions to a traditional IRA in 2009 and 2010 and then convert it to a Roth IRA in 2010.

Shut out from Roth IRAs no longer

Some owners, however, make nondeductible contributions to their IRAs that, if withdrawn, would be considered a tax-free return of nondeductible contributions.

Charitable distributions: Pension Protection Act may bring windfall to nonprofits

However, we can divide these into two main categories, deductible IRAs and nondeductible IRAs.

Ask John

As important, there are a host of court decisions that provide guidance to distinguish between nondeductible fines and penalties and deductible amounts, such as restitution or other compensatory payments.

Comments on revenue offset provisions in Senate tax reconciliation bill: January 10, 2006

Examples include research and development tax credits, foreign income, nondeductible book accruals and tax carryover benefits.