Funds contributed to a qualified retirement plan that are not deducted for tax purposes, either voluntarily or because the maximum deduction for the given year has been exceeded.
Related information about nondeductible contribution:
- What is nondeductible contribution? definition and meaning
Definition of nondeductible contribution: Funds contributed to a qualified retirement plan that are not deducted for tax purposes, either voluntarily or because the ...
- Nondeductible Contribution financial definition of Nondeductible ...
A contribution to either a traditional IRA or Roth IRA. Income tax is due on the contribution in the tax year for which the contribution is made.
- What is basis of nondeductible IRA?
Jan 20, 2010 ... The difference between your total permitted contributions and your IRA deduction , if any, is your nondeductible contribution. Make sure to report ...
- Nondeductible contribution | Retirement Dictionary
Mar 22, 2009 ... Definition. A contribution for which no tax-deduction is allowed. The following are examples of contributions that can be deducted. Traditional ...
- The Serial Backdoor Roth, A Tax-Free Retirement Kitty - Forbes
Jan 20, 2012... were made on a pre-tax basis), and you make a $5,000 nondeductible contribution to a new IRA, the conversion would be 95% taxable.
- Nondeductible IRA Contributions
To the extent that you can't meet the requirements for deductible IRAs or Roth IRAs, you may still make a nondeductible contribution to an IRA. However, your ...
- What Is a Nondeductible Contribution on a Tax Return? | eHow.com
What Is a Nondeductible Contribution on a Tax Return?. A nondeductible contribution on a tax return refers to the amount of money you put into your traditional ...
- Nondeductible IRA contributions conversion to Roth? | Financial ...
Feb 14, 2012 ... You are taxed on the money already simply by the fact that you are first making a "nondeductible" contribution to the IRA. The conversion to the ...