Income that is Not Taxable

Almost all income earned by American citizens is taxable but there are some exceptions that the IRS makes based on taw law. Some forms of income that the IRS deems not to be nontaxable include adoption expense reimbursements, child support, gifts, worker’s compensation benefits, welfare benefits, and economic stimulus payments received during the last tax year.

Sometimes Taxable

Then there are a couple forms of income that are at times taxable and at other times nontaxable. When you are the beneficiary of a life insurance policy, those proceeds are not taxed. But if an … Read more at 2008 Taxes.