Tax Glossary

Tax Glossary

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There are currently 8 Definitions in this directory beginning with the letter Q.
Qualified Charitable Contributions (QCD)
A QCD is a distribution from an IRA made to an organization eligible to receive tax-deductible contributions. If all requirements are met, this will exclude any part of the distribution that would otherwise be taxable.

Qualified Medical Expenses
For HSA, MSA, FSA, and HRA purposes, a medicine or drug will be a qualified medical expense only if the medicine or drug: requires a prescription, is available without a prescription (an over-the-counter medicine or drug) and you get a prescription for it, or is insulin.

Qualified Principal Residence Indebtedness
Qualified principal residence indebtedness is any debt incurred in acquiring, constructing, or substantially improving a principal residence and which is secured by the principal residence. Qualified principal residence indebtedness also includes any debt secured by the principal residence resulting from the refinancing of debt incurred to acquire, construct, or substantially improve a principal residence but only to the extent the amount of the debt does not exceed the amount of the refinanced debt.

Qualified Tuition Program
A program set up to allow taxpayers to either prepay, or contribute to an account established for paying a student's qualified expenses at an eligible educational institution. The program must meet certain requirements set by the state. Also known as a 529 program.

Qualifying Child
To be identified as a qualifying child, a person must meet certain basic tests. In addition there may be other requirements to claim various tax benefits for that qualifying child.

Qualifying Child of More than One Person Test
One of the tests for identifying a qualifying child or qualifying relative as a dependent: Is the person the qualified child of any other person?

Qualifying Relative
To be identified as a qualifying relative, a person must meet seven tests: Member of household or relationship test, Qualifying child of another taxpayer test, Citizen or resident test, Gross income test, Support test, Joint return test, and Dependent taxpayer test.

Qualifying Widow(er) With Dependent Child
Filing status is for widow or widower with one or more dependent children.