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GLOSSARY
Miscellaneous itemized deductions
Miscellaneous itemized deductions are certain expenses that can be listed on a U.S. tax return for the purpose of reducing income tax liability. Miscellaneous itemized deductions include job-related expenses, unreimbursed work-related expenses, and tax preparation fees. These expenses can only be deducted if they're in excess of 2 percent of the taxpayer's adjusted gross income.
Misselling
Misselling is the practice of intentionally misleading an individual about the details of a product or service in order to make the sale. An example of misselling would be when an aggressive salesperson pushes an individual into a high-fee annuity contract, without regard for whether the annuity is really the right program for that individual.
Mixed-income housing
A neighborhood with varying income levels.
MLS (Multiple Listing Service)
A shared list of information and details on properties that are available in certain areas.
MMA - money market account
MMA, or money market account, is a high-yield checking/savings option provided by a bank. MMAs work like other checking accounts, except that they earn competitive yields, have minimum opening balances, and usually have restrictions on the number of withdrawals made within each period. If the bank is FDIC-insured, the MMA would be insured per the FDIC's coverage limitations.
MMDA
MMDA stands for money market deposit account. An MMDA is a high-yield checking/savings option provided by a bank. MMDAs work like other checking accounts, except that they earn competitive yields, have minimum opening balances, and usually have restrictions on the number of withdrawals made within each period. If the bank is FDIC-insured, the MMDA would be insured per the FDIC's coverage limitations.
Modification
A change in the terms of the loan or mortgage agreement.
Modified accelerated cost recovery system
Also known as MACRS (pronounced "makers"), the depreciation method generally used since 1986 to figure the deductions you get over the life of tangible property. Depreciation deductions for property in use between 1980 and 1986 are determined under the Accelerated Cost Recovery System (ACRS).
Modified adjusted gross income (MAGI)
Modified adjusted gross income, or MAGI, is a measure of income used in the preparation of a U.S. tax return. In general, MAGI is adjusted gross income that's been increased or decreased by certain deductions and credits. Exact calculations for MAGI differ depending on how it's being used. A common use for MAGI is the determination of the deductibility of a Roth IRA, as defined in IRS Form 8606.
Modified fee-for-service
Modified fee-for-service is a method that insurance companies and medical groups use to compensate physicians for providing healthcare services. Under this arrangement, the physician is paid a set amount for each service, as defined by a fee schedule. In addition, the physician may be able to earn certain incentives, which are provided by the payer to keep costs low.
Modified pass-through
Modified pass-through describes a mortgage-backed security that guarantees interest and principal payments to certificate holders, regardless of whether the underlying mortgage payments are actually received. The payments are guaranteed by the Government National Mortgage Association, also known as Ginnie Mae.
Money at call
Money at call describes a loan for which the lender has the right to demand full and immediate repayment.
Money factor
A money factor is used to determine the lease rate for an automobile. It is the lease equivalent of the interest rate on a conventional loan. The money factor is the current annual percentage rate divided by 24.
Money management
Money management is a general term referring to the responsible use of cash. Money management includes budgeting, saving, paying debts, and investing. The term is also sometimes used interchangeably with investment management or portfolio management, both of which refer specifically to defining and implementing an investment program.
Money manager
A money manager is a trained individual who's paid to research and select investments for customers. Money managers can work for individual, corporate, or institutional investors.