Nontaxable Income

Nontaxable Income

All income that is exempt from taxation at the federal level. Coupons from municipal bonds are a common example of nontaxable income, thought they still may be taxed at the state level.

nontaxable income

Income items specifically exempted from taxation. On federal returns, the interest from most municipal bonds, life insurance proceeds, gifts, and inheritances is generally nontaxable income.

Nontaxable Income

Income that is by law exempt from tax.
References in periodicals archive ?
5% for the year ending December 31, 2018, which reflects the newly enacted federal tax rate of 21%, projected 2018 nontaxable income, the estimated benefit of deductions for equity-based compensation and the Company's historic effective state and local income tax rates.
Starting from January 1, 2017, the minimum nontaxable income as applied at one's workplace was reduced from EUR 75 to EUR 60, and the minimum monthly wage was raised from EUR 370 to EUR 380 or by 2.
Department of Treasury, Office of Tax Analysis, March 1977, and "High-Income Tax Returns: 1975 and 1976, A Report Emphasizing Nontaxable and Nearly Nontaxable Income Tax Returns," U.
Any increase in the taxpayer's net worth is then reduced by all nontaxable income, such as loans and gifts received by the taxpayer during such period.
However, he has ruled out introducing a minimum nontaxable income, as trade unions had demanded.
417 percent) of the payout to shareholders was nontaxable income.
The other involved claims that nontaxable income placed in certain investment funds should be eligible for tax credits - money back for tax it had not paid in the first place.
Nontaxable income and gifts (all information concerning Social Security nontaxable receipts, records of the donor's basis, fair market value at date received, and tax paid on gift, if applicable).
But when you factor in other nontaxable income, such as housing allowance and subsistence, the salary amounts to more like $165,000.
THE pounds 4,250 limit was chosen because that is the figure which the Government allows as nontaxable income for homeowners who take in tenants.
Assume the taxpayer had one child and earned income of $8000, including $1000 of nontaxable income.
Says Steele, "You can reduce your taxes by converting taxable income into nontaxable income by investing in tax-free vehicles such as municipal bonds" (see "Tax-free Investing," Moneywise, this issue).