While most know about taxed wages, the scope of "taxable income" extends far beyond traditional earnings. Social Security Retirement Benefits can be taxed if combined with substantial income. Veuer’s Maria Mercedes Galuppo has the story.
Category
🗞
NewsTranscript
00:00While most know about taxed wages, the scope of taxable income extends far beyond traditional earnings.
00:07Social Security retirement benefits can be taxed if combined with substantial income.
00:13Alimony, deductible for payers before 2019 and no longer deductible post 2018.
00:20Bribes and income from illegal activities. Yes, even income from illicit sources must be reported.
00:27Cancelled debts. If a debt is forgiven, unless it's intended as a gift, the IRS expects you to count the cancelled amount as income when you file your federal taxes.
00:37Monitox News says the euphoria you feel when you win at gambling may quickly fade once you realize the IRS expects you to pay taxes on your win fall.
00:46If you accept goods or services instead of cash for your work, you must include the fair market value of those goods or services in your income.
00:54Other taxable income includes stolen or found property, jury duty pay, strike and lockout benefits and unemployment benefits.