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previous page Previous Page: Publication 554 - Tax Guide for Seniors - 2008 Filing Requirements
next page Next Page: Publication 554 - Tax Guide for Seniors - Retirement Plan Distributions
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication
taxmap/pubs/p554-002.htm#en_us_publink100043531

Chapter 2
Taxable and  
Nontaxable Income(p5)

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Taxable and Nontaxable Income

Generally, income is taxable unless it is specifically exempt (not taxed) by law. Your taxable income may include compensation for services, interest, dividends, rents, royalties, income from partnerships, estate or trust income, gain from sales or exchanges of property, and business income of all kinds.
Under special provisions of the law, certain items are partially or fully exempt from tax. Provisions that are of special interest to older taxpayers are discussed in this chapter.
taxmap/pubs/p554-002.htm#en_us_publink100043532

Compensation for Services(p5)


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Compensation for Services

Generally, you must include in gross income everything you receive in payment for personal services. In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options.
You need not receive the compensation in cash for it to be taxable. Payments you receive in the form of goods or services generally must be included in gross income at their fair market value.
taxmap/pubs/p554-002.htm#en_us_publink100043533

Volunteer work.(p5)


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Do not include in your gross income amounts you receive for supportive services or reimbursements for out-of-pocket expenses under any of the following volunteer programs.
taxmap/pubs/p554-002.htm#en_us_publink100043534

Unemployment compensation.(p6)


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You must include in your income all unemployment compensation you receive.
taxmap/pubs/p554-002.htm#en_us_publink100043535

More information.(p6)


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See Publication 525, Taxable and Nontaxable Income, for more detailed information on specific types of income.
previous pagePrevious Page: Publication 554 - Tax Guide for Seniors - 2008 Filing Requirements
next pageNext Page: Publication 554 - Tax Guide for Seniors - Retirement Plan Distributions
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication