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Tax Preparation online help - Gross Income

What is Gross Income?

The definition of gross income is all income in all forms such as money, property or services. Wages, dividends and interest are the most common forms of gross income. The following list are income usually considered part of gross income.

Gross income includes the following income:
  • alimony income
  • dividend income
  • rental income (gross rental income before expenses)
  • interest income
  • pension income
  • punitive damages on any personal injury award and compensatory damages for non physical personal injuries
  • scholarships and fellowships except for tuition, fees, and supplies received by degree candidates
  • unemployment compensation
  • wages, salaries, commissions, tips
Gross income does not include the following set of income:
  • accident and health insurance proceeds income
  • child support payments income
  • damages for physical personal injury or illness income
  • deferred interest on EE or I bonds income
  • income received by a permanently and totally disabled individual at a sheltered workshop where the main reason for working there is to receive medical treatment
  • inheritances and gifts income
  • life insurance proceeds income
  • social security benefits income
  • supplemental social security income (SSI)
  • tax exempt interest
  • veterans benefits income
  • welfare benefits income
  • workers' compensation income
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