Industry Related Definitions
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Q
Qualified Charitable Organization
An entity,
usually an association or nonprofit corporation, designed to provide
some form of public charity or service and specifically approved by
the U.S. Treasury as a recipient of deductible charitable
contributions.
Qualified Pension or Profit-Sharing Plan
An
employer-sponsored plan that meets the requirements of IRS Code
section 401. If these requirements are met, none of the employer's
contributions to the plan are taxed to the employee until distributed
to him. The employer is allowed a deduction in the year the
contributions are made.
Qualifying Widow(er)
The filing
status available to a qualified taxpayer for two tax years following
the year of the spouse's death. To qualify, the surviving spouse must
have been entitled to file a joint return for the year of death,
remain unmarried at the end of the current tax year, and pay over half
the cost of maintaining his or her home, which was the principal
residence the entire tax year of his or her dependent child.
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