Nineteen
Non-taxable Income Items
1.
Life insurance proceeds
2.
IRA and pension rollovers
3.
Most inheritances and bequests
4. Most gifts
5.
Federal income tax refunds
6.
State income tax refunds if you took the standard deduction on
the prior year's 1040
7.
Gain on the sale of your personal residence of up to $500,000
if all requirements are met
8.
Roth IRA qualified distributions
9.
Interest from municipal bonds
10.
Workers' compensation payments
11.
Disability payments if you paid the premiums on the policy
12.
Damages for personal physical injuries (damages for emotional
distress are generally taxable)
13.
Health and accident benefits
14.
Some scholarships and fellowships
15.
Most foster care payments
16.
Social security benefits in some situations
17.
Welfare benefits
18.
Child support payments
19.
Certain disaster relief payments
(This information is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, consult with your professional advisor.)
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