Deductible contribution

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Deductible contribution

Amount paid into an IRA, an employer-sponsored retirement plan, or other type of retirement plan for a particular tax year that is a deduction from income for tax purposes.

Deductible Contribution

A contribution that one may place into an IRA, 401(k), or other retirement plan each year that can reduce one's taxable income by the same amount. That is, the deductible contribution is the portion of one's retirement contribution that is tax deductible. The IRS generally sets the limits on deductible contributions. For example, the limit on deductible contributions for 401(k) plans was $16,500 in 2009.
References in periodicals archive ?
If either of you does, there are (https://www.fool.com/retirement/2018/11/03/ira-contribution-limits-are-increasing-almost-10-i.aspx) income limits for making deductible contributions .
For example, New York established new "charitable gifts trust funds," to which taxpayers can make deductible contributions and claim a tax credit equal to 85% of the donation.
HSAs, in turn, offer unique tax benefits: deductible contributions, untaxed investment income inside the account, and tax-free distributions for qualified health care.
Income thresholds also limit tax deductible contributions to a traditional IRA.
Looking at the costs in another way, a fully fund Child IRA ($1,000 per year until that child's 19th birthday) would require a total of $19,000 in total tax deductible contributions. Again, assuming the average 17.4 percent tax rate, this reduces tax revenues by $174 per year for a total reduction of $3,306 over the 19 years contributions are allowed.
Finding that none of the categories qualifying as deductible contributions of partial interests in property under Sec.
May an employer make deductible contributions to a welfare benefit fund to provide medical, disability and life insurance benefits (including postretirement medical and death benefits) for employees and independent contractors?
* You can make deductible contributions to a traditional Individual Retirement Account on your 2010 return any lime before April 18.
You may also make tax deductible contributions to the scholarship fund through AST&L.
The actual deductible contributions are determined by a complex set of mathematical calculations and regulatory requirements, which must be performed by qualified actuaries.
IRA contributors must decide if they would like to contribute to a Traditional or a Roth IRA, and whether they are eligible for deductible contributions to the Traditional IRA.
The WBCA depends on tax deductible contributions to endow the BFJ Internship Program.