Net Worth – The amount of asset value exceeding total liabilities.

Nonbusiness credit card debt cancellation – If a taxpayer receives Form 1099-C for canceled credit card debt and was solvent (assets greater than liabilities) immediately before the debt was canceled, all the canceled debt will be included on the tax return as other income.

Nonbusiness energy property credit – Taxpayers may be able to claim a nonbusiness energy property credit for certain energy efficient property or improvements.

Nondeductible Traditional IRA Contributions – Traditional IRA contributions that taxpayers may not deduct from their total income because the taxpayers do not meet the requirements; also includes remaining contributions from a partial IRA deduction.

Nonrecourse Debt – Nonrecourse debt is satisfied by the surrender of the secured property regardless of the fair market value (FMV) at the time of surrender and the borrower is not personally liable for the debt. If property subject to nonrecourse debt is abandoned, foreclosed upon, subject of a short sale, or repossessed by the lender, the circumstances will be treated as a sale of the property by the taxpayer.

Nonrefundable Credit – A nonrefundable credit can only reduce the tax liability to zero. Any excess credit is not refunded to the taxpayer.

Nonresident Alien – A residency status of an individual who does not meet the Green Card Test or the Substantial Presence Test,

Nontaxable Income – Any income exempt from federal income tax. Although some types of nontaxable income are reported on the return, it is not added into the amount

of income subject to tax.

Nonqualified Plan – An employee benefit plan that does not meet the requirements laid out in Section 401(a) of the Internal Revenue Code and, therefore, is not qualified for favorable tax treatment.

Notary Public – A public officer who can authenticate signatories on documents and take depositions or oaths, authorized by a particular state or jurisdiction. Banks, insurance agencies, legal offices and government buildings often have notaries public on staff.