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Tax Glossary
What Is “Partner’s share of liabilities”?
A partner’s share of liabilities represents the portion of a partnership’s debts that is assigned to an individual partner for...
Tax Glossary
What Is a One-Participant 401(k)?
A One-Participant 401(k) is a traditional 401(k) retirement plan designed exclusively for self-employed individuals and business owners who have no...
Tax Glossary
What Is “ Nonresident alien ”?
A nonresident alien is a non-U.S. citizen who does not hold a green card and has not spent enough time...
Tax Glossary
What Is a Nonrecourse Liability?
A nonrecourse liability is a type of loan where the borrower is not personally liable for the debt. If the...
Tax Glossary
What Is a Nonqualified Distribution?
A nonqualified distribution is a withdrawal from a tax-advantaged savings account—such as a Roth IRA, Roth 401(k), Health Savings Account...
Tax Glossary
What Is a Nondeductible IRA Contribution?
A nondeductible IRA contribution is a deposit made into a traditional Individual Retirement Account (IRA) using after-tax dollars that you...
Tax Glossary
What Is a Mega Backdoor Roth?
A Mega Backdoor Roth is an advanced tax strategy that allows employees to funnel large amounts of after-tax dollars into...
Tax Glossary
What Is “ Limited purpose FSA ”?
A Limited Purpose FSA (Flexible Spending Account) is a specialized, employer-sponsored health account that allows employees to save pre-tax dollars...
Tax Glossary
What Is an IRA?
An IRA, which stands for Individual Retirement Arrangement (or commonly Individual Retirement Account), is a personal, tax-advantaged savings account that...
Tax Glossary
What Is an Inherited IRA?
An Inherited IRA—also known legally as a Beneficiary IRA—is a specialized retirement account opened when an individual receives a traditional...