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Gross Income

All income from whatever source derived, including wages, salaries, business income, and certain investment earnings, which is generally subject to federal taxes.

Retirement Plan Distributions

Money or assets taken out of a retirement account (like a 401(k), IRA, or 403(b)). These withdrawals are often taxed as income, especially if taken before retirement age.

Down Payment

An initial payment made when buying something, usually a home, representing a portion of the total purchase price, with the remaining balance being financed.

Closing Costs

Fees paid at the end of a real estate transaction, beyond the property price itself, including things like loan origination fees, appraisal fees, title insurance, and legal fees.

Principal Residence

The main home where a person lives, as opposed to a vacation home or investment property. Tax rules often differentiate based on whether a property is a principal residence.

Defined Contribution Plan

A type of retirement plan where both the employer and employee contribute money regularly, and the final retirement benefit depends on the investment performance (e.g., 401(k)s, 403(b)s).