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 ?
The Company anticipates its effective tax rate will be approximately 24.5% to 25.5% 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 2.7 per cent.
This item is intended to address some issues regarding the treatment of both taxable and nontaxable income, taxability of housing options, and filing considerations.
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.S.
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.
Suddenly, two-thirds (66.417 percent) of the payout to shareholders was nontaxable income. I haven't heard a good explanation for why Windstream made this "change in the tax treatment" of the dividends, but I know this: When a company pays out part of its profit to shareholders as dividends, that income is taxable.
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.
458 (2000), this Court struck down a California statute requiring the reduction of a taxpayer's interest deduction by the amount of its nontaxable income without regard to whether the interest expense was related to the nontaxable income.
Una lista completa esta disponible en la Publicacion 525 del IRS, "Taxable and Nontaxable Income" (Ingresos Tributables y No tributables).
* 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.