Gross Income Exclusions and Inclusions
Federal Tax Course – Lesson 4
Introduction | 401 |
Gifts and Inheritances | 402 |
Life Insurance Proceeds | 403 |
Endowment Policies | 404 |
Gain on Surrender of Life Insurance Policies | 405 |
Annuities – Introduction | 406 |
General Rule | 407 |
Employees’ Annuities | 408 |
Special Simplified Rule for Certain Employee Annuities | 408A |
Interest Income – What Interest is Taxable | 409 |
Interest on U.S. Obligations | 410 |
New Exclusion for Savings Bond Interest | 410A |
Interest on State and Municipal Obligations | 411 |
Interest-Free and Low Interest Loans | 412 |
Exceptions | 413 |
Dividend Income – What Dividends are Taxable | 414 |
Stock Dividends | 415 |
Return of Capital | 416 |
Mutual Fund Dividends | 417 |
Liquidating Dividends | 418 |
Dividends on Insurance Policies | 419 |
Disability Payments | 420 |
Scholarships and Fellowships | 421 |
Social Security Benefits | 422 |
Welfare Benefits | 423 |
Compensation for Damages – Accident and Health Insurance Reimbursement | 424 |
Insurance Reimbursement for Extra Living Expenses | 425 |
Unemployment Insurance Benefits | 426 |
Income of U.S. Citizens from Sources Outside the U.S. | 427 |
Conclusion | 428 |