According to the IRS, the following items DO NOT need to be included as taxable income:

- Adoption expense reimbursement
- Cash rebates from a dealer or manufacturer
- Child support payments
- Compensatory damages awarded for physical injury
or physical sickness
- Employer meals and lodging
- Gifts, bequests and inheritances
- Welfare benefits
- Workers’ compensation benefits

Review IRS Publication 525 at http://1.usa.gov/XJqCW for details. Not all income is taxable.

Estelle Allen
navyfederal.org