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Article: What is considered nontaxable income?
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What is considered nontaxable income?
Article ID: 34266
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Question
What is considered nontaxable income?
Answer
Nontaxable Income
Examples include:
Child Support
Economic Recovery Payments of $250 made to certain recipients of social security benefits, supplemental security income, railroad retirement benefits, or certain veterans disability compensation or pension benefits
Vouchers or payments made for such vouchers of $3,500 or $4,500 you received under the CARS "Cash for Clunkers" program to buy or lease a new fuel-efficient automobile
Any Pay-for-Performance Success Payments that reduce the principal balance of your home mortgage under the Home Affordable Modification Program
Life insurance proceeds received because of someone's death (other than from certain employer-owned life insurance contracts)
Gifts and bequests. However, if you received a gift or bequest from a foreign person of more than $15,102, you may have to report information about it on Form 3520, Part IV. See the instructions for
Form 3520
.
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Article Details
Views:
1038
Created on:
Jun 15, 2013
Date updated:
Nov 10, 2014
Posted in:
OLTPRO WEB SOFTWARE USAGE
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