A pension plan that may be used for retirement but whose deposits are generally not eligible to receive a tax deduction is known as a:_________

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22-07-2022
Social Studies

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A pension plan that may be used for retirement but whose deposits are generally not eligible to receive a tax deduction is known as a:_________

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rafikiedu03 rafikiedu03 · Answer 1 · 2022-08-03T15:30:06+02:00

A pension plan that may be used for retirement but whose deposits are generally not eligible to receive a tax deduction is known as a Qualified Plan.

A tax credit is a provision that reduces your taxable income. A fixed deduction is a fixed, one-time deduction. Personal deductions are often popular with high-income taxpayers with large deductible expenses such as B. State/Local Taxes Paid, Mortgage Interest, and Charitable Donations.

For example, if you earned $50,000 in a year and donated $1,000 to the charity that year, you are eligible for a deduction for that donation, which reduces your taxable income to $49,000. The Internal Revenue Service (IRS) often refers to deductions as permissible deductions.

Learn more about Tax deduction here https://brainly.com/question/27051230

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