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What is a description of tax items that are included in gross income? (100 words)

What is a description of tax items that are included in gross income? (100 words)

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Answer #1

Description of tax items that are included in Gross Income are as follows -

- Alimony and Child Support Payments (Section 71)

Gross income includes amounts received as alimony or separate maintenance payments.

-Portions of Annuity Payments Received under Annuity, Endowment, or Life Insurance contracts (Section 72)

Gross income includes any amount received as an annuity (whether for a period certain or during one or more lives) under an annuity, endowment, or life insurance contract.

-Certain Prizes and Awards (exceptions listed) (Section 74)

Except as otherwise provided in this section or in section 117 (relating to qualified scholarships), gross income includes amounts received as prizes and awards.


-Unemployment Compensation (beyond $2,400 annually) (Section 85)

In case of an individual, gross income includes unemployment compensation.

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