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Glossary of Terms - Q

QTIP - Qualified Terminable Interest Property

Property that qualifies for the unlimited marital deduction when certain other conditions are met. Typically, the surviving spouse is entitled to all the income from the trust for life. No other individual has power of appointment for any part of the trust during the lifetime of the surviving spouse. The property ultimately passes to a predetermined remainderperson.

Qualified Deferred Compensation Plan

A tax-deferred plan set up by an employer for employees. Such plans usually provide for employer contributions, such as a profit-sharing or a pension plan, and may also allow employee contributions. Also known as a qualified plan.

Qualified Disclaimer

Renunciation or refusal by a donee to accept a gift, bequest, or other transfer of property under a will.

Qualified Plan

A tax-deferred plan set up by an employer for employees. Such plans usually provide for employer contributions, such as a profit-sharing or a pension plan, and may also allow employee contributions.

Qualified Transfer

Amounts paid on behalf of a donee directly to an educational institution or a medical care provider for gift tax purposes.

Quarters of Coverage

Social Security credits earned by working in covered employment that qualify a worker for Social Security benefits. An individual typically must have earned 40 credits, or about 10 years of work, to qualify for retirement benefits. A credit is earned for every $700 of wages per year, with four credits earned for earnings of $2,800 or more per year.

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