Here’s a roundup of your nontaxable income

There are several sources of revenue that are not subject to income tax. Just in case you aren’t exactly sure what they are, we’ve compiled the following list of the most common sources of money that are generally not taxed on your federal income tax return:

  • Borrowed money, such as from banks or personal loans
  • Money received as a gift or inheritance from family or friends
  • Money paid on your behalf directly to a school or medical facility
  • Most life insurance proceeds
  • Child support payments
  • Money you receive for sustaining an injury
  • Scholarships for tuition and books
  • Disability insurance benefits from a policy purchased with after-tax dollars
  • Interest received on municipal bonds

If you would like assistance in determining what to include on your income tax return, please contact us. We are always happy to help!