MIME-Version: 1.0 Content-Location: file:///C:/C9B215E5/IsallIncomeTaxable.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" Is all Income Taxable

Is all In= come Taxable?

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The answer is “no”.

 

Some types of income you rec= eive are not taxable. When you total your gross income to determine whether you = are required to file a tax return, do not include your nontaxable income. You should keep records of your nontaxable income. Some types of income that generally are not taxable include:

  1. Child support payments,
  2. Welf= are benefits,
  3. Life insurance proceeds received because of the death of an individual,
  4. Inte= rest on certain state or local government obligations,
  5. Acci= dent and health insurance proceeds, including certain long term care insura= nce contracts,
  6. Cert= ain property received as a gift or inheritance,
  7. Bene= fits received under any law administered by the Department of Veteran's Affairs,
  8. Amou= nts received under a worker's compensation act for an occupational sicknes= s or injury,
  9. Qual= ified distributions from Coverdell Education Savings Accounts (formerly call= ed Education IRAs),
  10. Cert= ain Roth IRA distributions,
  11. Cert= ain amounts withdrawn from Medical Savings Accounts (= MSA's) to pay medical expenses,
  12. Limi= ted amounts of dependent care assistance paid through a dependent care assistance program.
  13. Death gratuity benefits paid to survivors of deceased armed forces members f= or deaths occurring after September 10, 2001.
  14. Home= -owners assistance program payments, subject to certain limits, paid after November 11, 2003, by the Department of Defense.
  15. For = tax years after 2002, Dependent Care Assistance Program paid by the milita= ry for military personnel,
  16. All = or a portion of your Social Security or equivalent Railroad Retirement Bene= fits may be nontaxable.
  17. Some scholarship and fellowship grants may be non-taxable.

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