2010_CCH_Essentials_Chapter_04 - CCH Essentials of Federal...

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Chapter 4 Gross Income Exclusions and Deductions for AGI ©2009 CCH. All Rights Reserved. 4025 West Peterson Ave. Chicago, IL 60646-6085 CCH Essentials of Federal Income Taxation
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CCH Essentials of Federal Income Taxation 2 of 17 Gross Income Exclusions Bequests and inheritances Gifts Foreign-earned income exclusion Fringe benefits Proceeds from life insurance policies Tax-exempt interest Scholarship and fellowship grants Social security benefits Workers’ compensation Health insurance benefits Earnings from Roth IRAs Earnings from educational savings accounts Earnings from 529 plans Chapter 4
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CCH Essentials of Federal Income Taxation 3 of 17 Examples of Fringe Benefits Dependent care assistance Educational assistance Group-term life insurance Health and accident insurance Adoption assistance Employer contributions to retirement plans Parking and transportation Athletic facilities Employee discounts Moving reimbursements Chapter 4
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CCH Essentials of Federal Income Taxation 4 of 17 Excludable Educational Savings Bonds Interest Before Phase-Down Excludable Interest Qualifying Expenses – Nontaxable Scholarships Bond = Portion of × × Redemption Proceeds Interest Proceeds Chapter 4
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CCH Essentials of Federal Income Taxation 5 of 17 Phase-Down of Excludable Educational Phase-Down of Excludable Educational Savings Bonds Interest Savings Bonds Interest Modified AGI - $69,950* Excludable Bond Interest × × = Reduction in $15,000** Excludable Interest * $104,900 for a joint return ** $30,000 for a joint return Chapter 4
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