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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...
Tax Glossary
What Is an Individual Retirement Arrangement?
An Individual Retirement Arrangement, commonly known as an IRA, is a personal, tax-advantaged account that allows individuals to save money...
Tax Glossary
What Is an Indirect Rollover?
An indirect rollover is a method of moving assets from one tax-advantaged retirement account to another where the funds are...
Tax Glossary
What Is “ HSA distribution ”?
An HSA distribution is any withdrawal of funds from your Health Savings Account. When you take money out of this...
Tax Glossary
What Is “ High deductible health plan ”?
A High-Deductible Health Plan (HDHP) is a type of health insurance policy characterized by lower monthly premium payments and higher...
Tax Glossary
What Is “ Health Savings Account ”?
A Health Savings Account (HSA) is a specialized, tax-advantaged savings account designed to help individuals cover qualified medical expenses. To...