Nontaxable Income

(redirected from Non-Taxable Income)
Also found in: Acronyms.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

Nontaxable Income

Income that is by law exempt from tax.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
Other changes include an increase in non-taxable income from 173 manats to 200 manats, differentiation of social insurance rates, various benefits for stimulating non-cash income, unification of simplified tax, extension of benefits for farmers etc..
Speaking Monday at a forum organized by the Confederation of Independent Trade Unions in Bulgaria (CITUB), Ademov admitted that the introduction of non-taxable income amounting to the minimum monthly wage would increase disposable income, yet at the same time would bring about a huge deficit of around BGN 600-700 M in the revenue part the state budget.
The very people who are supposed to exercise control over government spending and protect the interests of the taxpayer forget these responsibilities when it comes to their own remuneration.How else can we explain the fact that the non-taxable income of a deputy -- representation and travel allowance -- which amounts to ee1/430,000 per year is incorporated in the calculation of their pension?
The result was the best in the company's history, and was boosted by a non-taxable income of DKK38.3m from the sale of Hedegaard Service.
18, for example, the taxpayer incurred expenses for financial advice and services in earning both taxable and non-taxable income. The Tax Court held that absent evidence of a more reasonable method, it would allocate lump-sum expenses to exempt and non-exempt income in the proportion that each bears to total income.
"We are not running after France's Hollande but incomes exceeding 10 minimum wages must be subject to a new tax rate of 15% and a non-taxable income amounting to the minimum wage must be introduced," Dimitrov stated.
As of January 1, 2008, Bulgaria introduced a 10% flat tax applicable for all income levels, i.e., there is no non-taxable income threshold.
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?