Monday, December 28, 2009

Not taxable in 2009

1. "Cash for Clunkers" payments are not taxable on your Federal income tax
2. Unemployment compensation up to $2,400 is not taxable, but anything over $2,400 is still taxable.
3. Economic recovery payments. In 2009, there were payments of $250 to Social Security recipients and certain others. These are not taxable.

Certain other payments continue to be non-taxable, as usual:
1. Expense sharing in a car pool.
2. A rebate from a car manufacturer when you buy a car.
3. Casualty insurance reimbursements (with some exceptions).
4. Court awards for personal injury.
5. Assistance from a non-profit organization to make a down payment on a home.
6. Subsidies and rebates from public utilities for purchasing energy conservation measures for a dwelling unit.
7. Child support payments.
8. Disaster relief payments.
9. A few other special circumstances.

If you have questions on other particular types of income, please contact our office.

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