Question

1. Indicate whether the following income sources must be included or may be excluded from gross income:

• Insurance proceeds for loss of finger
• Prizes
• Embezzlement proceeds
• Interest on all savings deposits
• Child support
• Interest on Series HH bonds
• Receipt of alimony by divorced husband
• Income produced from property acquired by gift
• Gifts and inheritances
• Scholarship grants for tuition
• Compensation for injuries or sickness
• Interest income on bonds issued by State of Ohio
• Life insurance proceeds from a group plan

Answer 1

Insurance proceeds for loss of finger- excluded(personal injury)

Prizes – Included

c. Embezzlement Proceeds – Included

d. Interest on all savings deposits – Included

e. Child Support – Excluded

f. Interest on Series HH Bonds – Included

g. Receipt of alimony by divorced husband – Included

h.Income produced from property acquired by gift – Included

i. Gifts and inheritances – Excluded

j. Scholarship grants for tuition – Excluded

K.Compensationor injuries or sickness- excluded

L.Interest income on bonds issued by State of Ohio- excluded

M.Life insurance proceeds from a group plan-excluded