The Most Common Exclusions Of Taxable Income


Tax is a word known by all. We are basically taxed on everything, although there are a few exclusions. Below are a list of exclusions as of 2012 for gross taxable income. Here is the more basic, partial list.


Accident Insurance Proceeds


Annuities(limited-please check for amounts)


Company rewards for longevity or safety reasons ( up to 400$)


Bequests and Inheritance


Casualty Insurance Proceeds


Child Support Payments


Welfare Payments


Gifts-primarily non-business related


Disability Benefits (not always)


Group Term Life Insurance Coverage paid by employers up to 50,000$


Health Insurance Proceeds


Life Insurance Proceeds (unless transferred to another person or entity to pay a debt)


Military Allowance


Social Security Benefits (Dollar amount limit at which time exceeded, 85% of benefits can be considered taxable income)


Meals and Lodging ( If required by job and circumstances)


Veteran’s Benefits


Relocation Payments


Municipal Bond Interest


Scholarships (Tuition, books and other class related supplies only.) Room and board are not included.


Welfare Payments


Workers Compensation


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