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The Most Common Exclusions Of Taxable Income

Updated on March 11, 2013

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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