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Roth Individual Retirement Account: This is similar to the traditional IRA except the contributions to a Roth IRA are nondeductible.
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Changing the rules so all distributions are deemed to come first from any nondeductible contributions would simplify matters and reduce tax bills, Labant said.
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If you make too much, you can still pay into a traditional but nondeductible IRA and then transfer the money to a Roth later.
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If nondeductible contributions made up 20 percent of the account's value, then only 20 percent of the withdrawal would escape tax.
Usage of deductible in English
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However, under new tax laws, the interest will no longer be deductible.
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It is based on high-deductible health plans and tax-free health savings accounts.
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Such costs and legal expenses are generally deductible, tax experts have said.
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The core question is this: Should changing your sex be tax deductible?
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Fines and penalties imposed by the government are usually not tax deductible.
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The settlement payments announced on Tuesday are not tax-deductible, the company said.
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In 2018, forty percent of large companies offered only high-deductible plan options.
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That means two separate deductible payments for policyholders, raising costs even further.
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There is no surprise bill afterward -no deductible, co-payments or coinsurance.
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One big driver of cost that you can alter is the deductible.
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These are high-deductible health plans linked to tax-favored health savings accounts.
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But the latter are not tax deductible under UK tax law.
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Moreover, coupons are tax deductible and the instruments can help preserve credit ratings.
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That way it could be tax deductible for anyone coming from the US.
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The accounts can be used to meet deductible and other out-of-pocket healthcare costs.
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Your contributions may be tax deductible, check with your tax advisor for information.