Information For...

For you and your family
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Forms and Instructions

Individual Tax Return
Request for Taxpayer Identification Number (TIN) and Certification
Single and Joint Filers With No Dependents
Employee's Withholding Allowance Certificate

 

Request for Transcript of Tax Returns
Employer's Quarterly Federal Tax Return
Installment Agreement Request
Wage and Tax Statement

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Taxable and Nontaxable Income (ASL) - YouTube video text script

Hi, I’m Maria and I work for the IRS. 
    
As you know, most income is taxable and must be reported on your federal income tax return.
    
But what you may not know is that some income is only partially taxable or not taxed at all.
   
For example, child support payments, gifts, inheritances and welfare benefits you receive are usually tax-free.
    
On the other hand, income may be taxed in some situations, but not in others. 
    
For example, Social Security benefits are usually tax-free, unless your income is above certain levels.
    
In that case, you pay tax on part of your benefits. 
    
Court awards or settlements you receive for personal injury or sickness are normally tax-free.
    
But punitive damages or compensation for lost wages are usually taxable.
    
Money you take out of a traditional IRA is generally taxable.
    
But money you take out of a Roth IRA is usually tax-free.
  
But remember, income such as wages, salaries, tips and bartering income is  taxable.
  
To learn more about taxable and nontaxable income, download Publication 525 from our website at IRS.gov.