WHAT IS NON-TAXABLE INCOME?
• RESIDENTS AND NON-RESIDENTS The following types of income are non-taxable both to a resident and non-resident. • Gifts, inheritances, bequests and distributions of principal from estates and trusts. • Proceeds from insurance, pensions, annuities and retirement benefits (including SOCIAL SECURITY) even if taxable under the Federal Internal Revenue Code. • Amounts received for personal injuries, sickness, and disability are excluded only to the extent provided by the Federal Internal Revenue Code. • Unemployment compensation, supplemental unemployment benefits, welfare relief payments, workmen’s compensation. • Interest from obligation of the United States, such as Savings Bonds and Treasury Notes, obligations of the states, or subordinate units of government of states. • Dividends on an insurance policy. • Compensation received for service in the armed forces of the United States, including Reserves. • Conventional IRA or Roth IRA payments made on income taxed by the City only. Conven
