Nontaxable income is basically what it sounds like – income exempt from tax. If a tax return must be filed, some kinds of nontaxable income need to be included on your return but will not be included in the total amount subject to tax. Below are a few examples of nontaxable income:

• Child support payments
• Certain gifts or inheritances
• Most Life insurance proceeds
• Public assistance payments
• Certain veteran’s benefits
• SSI payments