Are these sources of income taxable?
1) College funding.
2) Reimbursement from an insurance company to cover my out-of-pocket expenses following an injury.
3) Money received from an insurance company as a settlement for an injury claim.
Answers:
1 - if award is more than the tuition, after yes, save, next no, it would only just be compensate against tuition cost on export tax return.
2 - Normally, no, but if the reimbursements happen surrounded by the following year (out-of-pocket expenses ensue contained by Dec 2006, reimbursement occur within Jan 2007), and your medical expenses for that year are smaller quantity than the reimbursement, after you would own taxable income.
3 - depends on what the settlement is for, ie, lost wages, medical bills, backache and suffering, etc.
I am not a attorney but within my natural life experience none are taxable.
I don't judge nay of them are taxable income. stir to www.irs.gov and check out publications in that - within pdf format - to take home sure
Generally no, but in that are other exceptions.
Scholarship - not if used to cover tuition and fees.
Reimbursement for out of pocket expenses - no.
Settlement - possibly, would involve more info on exactly what it be for.
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2) Reimbursement from an insurance company to cover my out-of-pocket expenses following an injury.
3) Money received from an insurance company as a settlement for an injury claim.
Answers:
1 - if award is more than the tuition, after yes, save, next no, it would only just be compensate against tuition cost on export tax return.
2 - Normally, no, but if the reimbursements happen surrounded by the following year (out-of-pocket expenses ensue contained by Dec 2006, reimbursement occur within Jan 2007), and your medical expenses for that year are smaller quantity than the reimbursement, after you would own taxable income.
3 - depends on what the settlement is for, ie, lost wages, medical bills, backache and suffering, etc.
I am not a attorney but within my natural life experience none are taxable.
I don't judge nay of them are taxable income. stir to www.irs.gov and check out publications in that - within pdf format - to take home sure
Generally no, but in that are other exceptions.
Scholarship - not if used to cover tuition and fees.
Reimbursement for out of pocket expenses - no.
Settlement - possibly, would involve more info on exactly what it be for.