Information For...

For you and your family
Standard mileage and other information

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

Popular For Tax Pros

Amend/Fix Return
Apply for Power of Attorney
Apply for an ITIN
Rules Governing Practice before IRS

Taxable and Nontaxable Income - YouTube video text script

HERE’S A TIP FROM THE I-R-S.
 
HI… I’M MARIA… AND I WORK FOR THE INTERNAL REVENUE SERVICE.
    
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 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 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 IS TAXABLE.
  
TO LEARN MORE DOWNLOAD PUBLICATION 525 FROM OUR WEBSITE AT I-R-S-DOT-GOV.