Sentences with phrase «excluded from federal income tax»

According to the Internal Revenue Service, death benefits are generally excluded from federal income tax when paid to terminally ill policyholders.

Following is a select list of some common fringe benefits which are excluded from federal income tax withholding, and in most cases are excluded from FICA taxes as well (and therefore not reported on Form W - 2):

Beginning with Bonds purchased in 1990, the interest earned on Series EE Savings Bonds can be excluded from Federal Income Tax if you pay tuition and fees at colleges, universities, and qualified technical schools during the same year the Bonds are cashed.

In particular, life insurance proceeds, disability benefits, personal injury settlements, and child support payments are all excluded from Federal income tax.

Not exact matches

The CBPP found in a recent study that 16 million children in low - income families would be excluded from the benefit entirely, as their parents don't make enough to pay federal taxes and thus receive a refund.

This allows homeowners to exclude gains from a home sale up to $ 250,000 for an individual or $ 500,000 for a married couple from federal income tax.

«Most companies and analysts routinely exclude G&A (General and Administrative costs or overhead), royalty payments, federal income taxes, depreciation and amortization («EBITDAX») from their costs.

Minnesota requires an addback of the full federal tax exempt - interest dividend excluded from federal income if less than 95 % of the federal tax - exempt dividend is derived from Minnesota - source obligations.

When the federal income tax law was adopted in 1913, the interest income on most municipal bonds was excluded from federal taxation.

Municipal bond income: Municipal bond income can reduce your tax liability since federal income tax excludes municipal bond interest from your income.

Distributions for Qualified Expenses When distributions from an HSA are used to pay for qualified medical expenses of the account owner, his or her spouse, or dependents, the distributions are excluded from gross income — even if the individual is not currently eligible to make HSA contributions and / or does not itemize his deductions on his federal income taxes.

The interest on the bond is excluded from the gross income of its owners for federal income tax purposes under Section 103 of the Internal Revenue Code of 1954, as amended.

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college and K - 12 expenses

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college expenses

As such, the net amount of the death benefit is excluded from gross income and, as long as the total annual payments do not exceed IRS guidelines, it is not generally subject to federal or state income tax.

This was the federal law that allowed Florida home owners as well as home owners across the country to legally exclude from their income taxes any amount that was forgiven by the bank (on principal residences) after a mortgage loan modification, short sale, or from a foreclosure.

Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012.