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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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