Nontaxable Income(redirected from Nontaxable Gross 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.
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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.
Income that is by law exempt from tax.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary