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However, under new tax laws, the interest will no longer be deductible.
2
It is based on high-deductible health plans and tax-free health savings accounts.
3
Such costs and legal expenses are generally deductible, tax experts have said.
4
The core question is this: Should changing your sex be tax deductible?
5
Fines and penalties imposed by the government are usually not tax deductible.
Usage of nondeductible in English
1
Roth Individual Retirement Account: This is similar to the traditional IRA except the contributions to a Roth IRA are nondeductible.
2
Changing the rules so all distributions are deemed to come first from any nondeductible contributions would simplify matters and reduce tax bills, Labant said.
3
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.