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Tax Glossary
What Is “Nonresident Return”?
A nonresident return is a specialized tax return filed by an individual who earned income within a specific state or...
Tax Glossary
What Is “Nonprofit organization”?
A nonprofit organization is a business structure formed at the state level that operates for purposes other than generating financial...
Tax Glossary
What Is “Nongrantor trust”?
A nongrantor trust is a type of trust that the IRS treats as a completely separate tax entity from the...
Tax Glossary
What Is a “Non-Fungible Token”?
A Non-Fungible Token (NFT) is a unique digital identifier recorded on a cryptographically secured distributed ledger, such as a blockchain,...
Tax Glossary
What Is “Minimum Essential Coverage”?
Minimum Essential Coverage (MEC) is a specialized legal classification established under the Affordable Care Act (ACA) that defines the baseline...
Tax Glossary
What Is the “Medicare Premiums Deduction”?
The Medicare premiums deduction is a federal tax provision that allows eligible taxpayers to deduct the out-of-pocket costs of their...
Tax Glossary
What Is a “Marketplace Facilitator”?
A marketplace facilitator is an online platform that contracts with third-party sellers to promote, process, and execute the sale of...
Tax Glossary
What Is “Marketplace Coverage”?
Marketplace coverage refers to a private health insurance plan purchased through the federal Health Insurance Marketplace (via HealthCare.gov) or a...
Tax Glossary
What Is “Marital Deduction”?
The marital deduction is a provision in the U.S. tax code that allows married couples to transfer an unlimited amount...
Tax Glossary
What Is “Long-Term Care Insurance”?
Long-term care insurance (LTCI) is a specialized insurance policy designed to cover the costly medical and personal care services required...