Sentences with phrase «nontaxable interest»

A portion of your Social Security benefits will be taxable if your income — such as from freelance work, a taxable pension and IRA withdrawals, or nontaxable interest — plus half of your Social Security benefits add up to more than $ 25,000 if single or $ 32,000 if married filing jointly (see Calculating Taxes on Social Security Benefits for more information).

If you file a federal tax return as an individual and your «combined income» — calculated by adding one - half of your Social Security benefit to other income, including nontaxable interest income — is between $ 25,000 and $ 34,000, up to 50 percent of your benefits may be considered taxable.

Combined income, sometimes referred to as provisional income, is an Internal Revenue Service tax term that includes your adjusted gross income from your tax return plus nontaxable interest and one - half of your Social Security benefits.

Your combined income is your adjusted gross income added to both nontaxable interest and one - half of your Social Security benefits.

Combined income generally consists of your adjusted gross income (AGI), nontaxable interest, and one - half of your Social Security benefits.

Not exact matches

However, you can't deduct interest when the property you buy produces nontaxable income, such as tax - exempt bonds.

We define ECI to be adjusted gross income (AGI) plus: above - the - line adjustments (e.g., IRA deductions, student loan interest, self - employed health insurance deduction, etc.), employer paid health insurance and other nontaxable fringe benefits, employee and employer contributions to tax deferred retirement savings plans, tax - exempt interest, nontaxable Social Security benefits, nontaxable pension and retirement income, accruals within defined benefit pension plans, inside buildup within defined contribution retirement accounts, cash and cash - like (e.g., SNAP) transfer income, employer's share of payroll taxes, and imputed corporate income tax liability.

Don't confuse these nontaxable distributions with exempt interest dividends.

Only when the interest or gain is exhausted are distributions treated as a nontaxable recovery of investment in the contract.

«And unlike gold, you would have been able to live in the property, reap the tax deductions for mortgage interest and property taxes, and a nontaxable gain of up to $ 500,000 when the house was sold,» Jones says.