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Tax Glossary
What Is an Excess Contribution?
An excess contribution occurs when you deposit more money into a tax-advantaged account than the law legally allows for a...
Tax Glossary
What Is an Employer Nonelective Contribution?
A an employer nonelective contribution is a retirement account deposit made by an employer directly into an eligible employee’s retirement...
Tax Glossary
What Is an Employer Matching Contribution?
An employer matching contribution is additional money that an employer deposits into an employee’s workplace retirement account, such as a...
Tax Glossary
What Is “Eligible S corporation shareholder”?
An eligible S corporation shareholder is a person or specific type of entity that the IRS legally allows to own...
Tax Glossary
What Is an Elective Deferral?
An elective deferral is a portion of your salary that you choose to take out of your regular paycheck to...
Tax Glossary
What Is “Earnings and profits”?
Earnings and profits (often abbreviated as E&P) is an IRS tax calculation used to measure a corporation’s true economic ability...
Tax Glossary
What Is an Early Withdrawal Penalty?
An early withdrawal penalty is an additional tax levied by the IRS when you pull money out of a tax-advantaged...
Tax Glossary
What Is an Early Distribution?
An early distribution is any withdrawal of cash or assets taken from a tax-advantaged retirement account before you reach the...
Tax Glossary
What Is “ Dual-status alien ”?
A dual-status alien is an individual who is classified as both a U.S. resident alien and a nonresident alien in...
Tax Glossary
What Is “Double taxation”?
Double taxation is a tax principle where the same financial income is taxed twice by the government before it reaches...