Glossary
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M
Married Filing Joint filing status
You are married and both you and your spouse agree to file a joint return.
(On a joint return, you report your combined income and deduct your combined allowable expenses.) Both parties are jointly liable for any tax due on the combined income.
Married Filing Separate filing status
You must be married. This method may benefit you if you want to be responsible only for your own tax or if this method results in less tax than a joint return.
If you and your spouse do not agree to file a joint return, you may have to use this filing status.
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NFFE
Non-Financial Foreign Entity – a foreign entity that is not a financial institution, usually a corporation or company.
Nonrefundable credit
When the amount of a credit is greater than the tax owed, taxpayers can only reduce their tax to zero; they cannot receive a “refund” for any excess nonrefundable credit.
Nonresident alien
You are considered a nonresident alien for any period that you are neither a U. S. citizen nor a U. S. resident alien (see ‘Resident Alien’).
NPFFI
A Non-Participating FFI – an FFI that is not a participating FFI, or a Deemed Compliant FFI or otherwise excluded from the application of FATCA. Sometimes called a Bad FFI
NQI
Non Qualifying Intermediary
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(None)