What Income Is Non-Taxable?

There are a few income sources that aren’t taxable, here are some of them:

  • Child Support

  • Alimony (only if decree was signed after 12/31/2018)

  • Tax-exempt interest

  • Gifts (annual exclusion $15,000/person and lifetime of $11,180,000)

  • Welfare benefits

  • IHSS income (only if child lives under your roof)

  • Inheritances

  • Damage awards for physical injury or sickness with exclusions

  • Scholarship money for tuition and room and board only

  • Life insurance Proceeds

  • Cash Rewards/Rebates

Disclaimer - Even though these items are non-taxable, some items you still need to report on your tax return. Please advise your tax preparer of all income you receive.

OC Tax Brake will ask you questions related to your income to help you include your reportable income on your taxes.  If you still have questions, set up a free consultation with our enrolled agents.

Income and InvestmentsJaime LozoyaOC Tax Brake