Examlex
Attention can be divided into two broad categories:
Beneficiary
An individual or entity designated to receive benefits from an insurance policy, retirement plan, will, or trust after the policyholder's or owner's death.
Nondeductible Contributions
Payments made to certain accounts or plans, such as a traditional IRA, for which the taxpayer cannot take a tax deduction.
Adjusted Basis
The value of an asset for tax purposes, adjusted for factors like depreciation or improvements.
Traditional IRA
A Traditional Individual Retirement Account (IRA) is a type of retirement savings account that allows pre-tax contributions, with the investments growing tax-deferred until withdrawals begin at retirement.
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