Nontaxable Income

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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 ?
It is clear that it is not possible for the government and the Finance Ministry at this stage to afford to correct the tax scale and introduce a non-taxable income amounting to the minimum wage," Ademov declared, as cited by Darik radio.
The introduction has certain positive effects due to greater recording of the supply of goods and services and revenues, and consequently also to increasing the basis for calculating taxable and non-taxable income (corporate income tax, pre-payment of self-employed income tax, etc.
Should we mention the non-taxable income all deputies and top state officials are paid and which is included in the calculation of their pensions?
And with what moral authority can the state initiate a clampdown on tax evasion when there is a law in place allowing its highest earning officials twice (in some cases three times) as high non-taxable income than the rest of us?
One of these items was $2,147,000 of non-taxable income from death benefits on bank owned life insurance ("BOLI").
and Subsidiary CONSOLIDATED FINANCIAL INFORMATION (In thousands except per share data) Three Months Ended March 31, 2002 2001 SUMMARY OF OPERATIONS Interest income: Loans $ 6,756 $ 8,551 Investment securities: Taxable income 2,220 1,798 Non-taxable income 297 243 Other 29 85 Total interest income 9,302 10,677 Interest expense 3,534 5,769 Net interest income 5,768 4,908 Provision for loan losses 510 120 Net interest income after provision for loan losses 5,258 4,788 Noninterest income 1,688 1,426 Noninterest expense 4,425 3,839 Income before income taxes 2,521 2,375 Income taxes 716 693 Net income $ 1,805 $ 1,682 Per share data: Net income: Basic $ .
Concurrently, noninterest income for the third quarter and first nine months of 2001 have been increased by $161,000 and $477,000, respectively, through the recording of non-taxable income related to the bank owned life insurance.
Income tax expense decreased due to an increase in non-taxable income.
While the sale of mortgage loans and subsequent redeployment of a portion of the proceeds into bank owned life insurance has reduced the level of interest income, noninterest income for the second quarter and first six months of 2001 have been increased by $159,000 and $316,000, respectively, through the recording of non-taxable income related to the bank owned life insurance.
While the sale of mortgage loans and redeployment of a portion of the proceeds into bank owned life insurance has reduced the level of net interest income, noninterest income has been increased through the recording of $157,000 of non-taxable income related to the bank owned life insurance.
SMSC's fourth quarter results will reflect a reduction of its annual effective income tax rate due, in part, to an increased proportion of non-taxable income from short-term investments.
and Subsidiary CONSOLIDATED FINANCIAL INFORMATION (In thousands except per share data) Three Months Ended March 31, 2000 1999 SUMMARY OF OPERATIONS Interest income: Loans $ 5,897 $ 5,002 Investment securities: Taxable income 1,354 1,342 Non-taxable income 249 255 Federal funds sold 23 27 Total interest income 7,523 6,626 Interest expense 3,502 2,826 Net interest income 4,021 3,800 Provision for loan losses 130 65 Net interest income after provision for loan losses 3,891 3,735 Noninterest income 912 838 Noninterest expense 3,031 2,941 Income before income taxes 1,772 1,632 Income taxes 541 487 Net income $ 1,231 $ 1,145 Per share data: Net income: Basic $ .