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Tax Glossary
What Is a Qualified Plan?
A qualified plan is an employer-sponsored retirement plan that strictly meets the specific requirements of Section 401(a) of the Internal...
Tax Glossary
What Is Qualified Nonrecourse Financing?
Qualified nonrecourse financing is a specific type of loan used in real estate investment where the borrower is not personally...
Tax Glossary
What Is “ Qualified medical expense ”?
A qualified medical expense is a healthcare-related cost that is explicitly approved by the IRS for special tax-saving treatment. These...
Tax Glossary
What Is a Qualified Distribution?
A qualified 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 Qualified Charitable Distribution?
A Qualified Charitable Distribution (QCD) is a tax provision that allows individual retirement account (IRA) owners who have reached age...
Tax Glossary
What Is “Qualified business income”?
Qualified business income (QBI) is the net profit a business owner makes from an eligible, active trade or business. It...
Tax Glossary
What Is the “QBI Phaseout”?
The QBI phaseout is a structural tax mechanism that gradually reduces or restricts the 20% Qualified Business Income (QBI) deduction...
Tax Glossary
What Is the QBI Component?
The QBI component is a foundational element used to calculate the Qualified Business Income (QBI) deduction, which allows eligible self-employed...
Tax Glossary
What Is Publicly Traded Partnership Income?
Publicly traded partnership income refers to the net profits, gains, deductions, and losses passed through to investors who own shares...
Tax Glossary
What Is the PTP Income Component?
The PTP income component is a specific part of the Qualified Business Income (QBI) deduction calculation that allows investors to...