Taxable and Nontaxable Income by theyne

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									 IRS Tax Tips                                                                    February 12, 2013

Useful Links:                Issue Number: IRS Tax Tip 2013-12
IRS.gov Home                 Inside This Issue
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                                       Taxable and Nontaxable Income
                             Most types of income are taxable, but some are not. Income can
News Essentials              include money, property or services that you receive. Here are some
                             examples of income that are usually not taxable:
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                                   Child support payments;
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                                   Gifts, bequests and inheritances;
                                   Welfare benefits;
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                                   Damage awards for physical injury or sickness;
IRS Guidance                       Cash rebates from a dealer or manufacturer for an item you
                                    buy; and
Media Contacts                     Reimbursements for qualified adoption expenses.

Facts & Figures              Some income is not taxable except under certain conditions. Examples
                             include:
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                                   Life insurance proceeds paid to you because of an insured
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                                    person’s death are usually not taxable. However, if you redeem
                                    a life insurance policy for cash, any amount that is more than
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                                    the cost of the policy is taxable.
                                   Income you get from a qualified scholarship is normally not
                                    taxable. Amounts you use for certain costs, such as tuition and
The Newsroom Topics                 required course books, are not taxable. However, amounts used
                                    for room and board are taxable.
Tax Tips 2012
                             All income, such as wages and tips, is taxable unless the law
Radio PSAs                   specifically excludes it. This includes non-cash income from bartering
                             - the exchange of property or services. Both parties must include the
Fact Sheets                  fair market value of goods or services received as income on their tax
                             return.
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                             If you received a refund, credit or offset of state or local income taxes
Disaster Relief              in 2012, you may be required to report this amount. If you did not
                             receive a 2012 Form 1099-G, check with the government agency that
Scams / Consumer Alerts      made the payments to you. That agency may have made the form
                             available only in an electronic format. You will need to get instructions
Tax Shelters                 from the agency to retrieve this document. Report any taxable refund
                             you received even if you did not receive Form 1099-G.

                             For more information and examples, see Publication 525, Taxable and
IRS Resources                Nontaxable Income. The booklet is available at IRS.gov or by calling
                             800-TAX-FORM
Compliance & Enforcement
                             (800-829-3676).
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Filing Options               Additional IRS Resources:

Forms & Pubs                       Publication 525, Taxable and Nontaxable Income
                                   Bartering Tax Center
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