8 types of income the IRS can't touch

Don't pay taxes on these types of protected income. Here are the categories to watch, including 5 types of raises that won't add a cent to your taxable income.

By Jeff Schnepper, MSN Money

 of 9
 of 9

VIDEO ON MSN MONEY

146Comments
Apr 13, 2012 1:40PM
avatar
why is it you are on a medical dissability from your job you only get 1000 a month and the government thinks they deserve 300 of it each month how is anyone to survive on dissability, does the government think they need there hands in everything..
Apr 11, 2012 12:36PM
avatar
Someone is making money off of us not having health care otherwise everyone would have it. Its always about money follow the trail and see.
Apr 10, 2012 2:34PM
avatar
I am not sure where you find in the Constitution the ability the federal government has to provide healthcare. Can you show me? That is the document that we uphold. Did you find it? Why does the government have to give us a service that is privately provided? Where does that even make sense? These other countries don't have the same standard of freedom, they don't have a governing document that keeps the government in check, they have a different mentality, they don't think like Americans. What they have may be good, fair, equitable, and functional. They are in a different country with a different set of expectations.

Still, I don't understand why one would think the government should give them something that other companies provide for a profit. Socialism? Doesn't that smack of fascism? This country has stood for personal responsibility, self sustenance, and accountability. Even the great democrat, JFK said, "Ask not what your country can do for you but what you can do for your country." We have had personal obligation at the center of the growth of this great nation. That has made us unique, that has made us successful, that has made us the greatest nation in the history of the world.

This is besides talking about all of the inconsistencies that it creates. Someone gets sick because of their home circumstances, someone gets cancer because of their lifestyle, and the populace pays for their inability to control aspects in their life that could have allowed them to forego the ailment in the first place?  And then where does the "basic" end? When the person is 21, 65, 100? Is it after two operations? Is it after they have taken out the malignant tissue? For the second time? When they have been sick for one month, one year, two years? Maybe it is after they have tried for three months to find the root of the problem (to no avail), is it? Is it only until one earns $50,000, $100,000, $1M? And then they are no longer equal to everyone else that earns less because they are no longer able to get the same care as everyone else?

This doesn't even consider that states do have the ability to create plans. Why don't they? Massachusetts did. Why don't you go lobby them? You can do something for your country--there it is. There is your ministry--go to your state legislators and lobby them. You can surely do that rather than uselessly pining (and ludicrously accusing) on a website offering ways to do better in identifying ways to honestly do your taxes.

To answer your question: you can have health care coverage--go pay for it.

Apr 10, 2012 2:23AM
avatar

I vote for bill again and always!!! George!!and the Rep,s!! made the fed debit what it is(bill's plan had it paid off) all you smart kids know this is true!!!!!!!!!!!!!!! I really do not understand why I can not have health care!!!!!!!!!!!!! In Every other country can have basic health care(IRAN HAS IT!!!!!!!!) WTF Is wrong with US!!!!!!!!!!!!!!!!!!!! You know this is BS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Mar 30, 2012 4:02PM
avatar
You failed to mention full disability income from your employer.
Mar 25, 2012 12:46PM
avatar

Term limits is the only way.

Two terms and you are out with no extended pay or medical.

If you been in for more then two terms you are out at the end of your term.

THERE ARE NO OTHER WAYS TO CORRECT IT.

Mar 25, 2012 10:52AM
avatar
if they say there gonna do something just so they could get into office, and they don't do it.  they should be able to be put out of office. we would be voting every day.
Mar 13, 2012 10:45PM
avatar
I'd like to see more teaching and coaching rather than attacking, bragging, or blaming the individual , government, President. What is the solution that would benefit as many lives as possible?
Mar 13, 2012 10:38PM
avatar
They say that people need someone to blame and it sounds as if that person is currently President Obama. I guess these individuals forgot what they began learning in elementary school about the structure of our government. President Obama has not single handedly create the financial crises that began long before he took office. It took many, many years to create the issues that now exist. Along the way, we all had the opportunity to vote for our local, state and federal representatives who all contribute to the progblem or focus on solutions. President Obama may or may not have made a poor decision about health care, or a component of education, or any of the multitude of decisions he is responsible for as our President, like all Presidents before him. To expect one man to fix all of the country's problems within one 4-year-term is unreasonable. Also consider that while his decisions may not have been in your best interests, it is possible that a significant population is able to feed their children, etc. Regarding the lady who thinks people can just walk away from their jobs and get better ones. What do you know about the unemployment rate and the increased competition for jobs resulting from it. Clearly you have not faced many, if any challenges in your life the build the character, dedication and passion that drives those of us who are in circumstances we never believed possible? I don't believe I have ever called anyone a name before but I can think of no better way to respond but to say, "What a snot!"
Mar 1, 2012 11:18AM
avatar
Our tax issues are not just at the sole of President. Our tax issues lie with the whole of our government and WE as the citizens of the US allowed it to happen through decades of turning the other way as OUR govt put us where we are today!
Feb 27, 2012 8:28PM
avatar
@mstk5: If the troops are coming home how come my local air base just sent 130+ people to replace 130+ people already in the middle east? In 4 months, I bet they will send another 130+ people.  When will the media verify the claims of this Administration?  Armed Service people rotating to the middle east have not stopped and they will not stop under this President.
Feb 27, 2012 1:55PM
avatar
Tax with out representation...the hidden tax...far more destructable to the common man is.....inflation...the government printing money...the poor and middle class will pay for this big time...oil is up, food is up and so will everything else goes up as the goverment prints money...I mean taxes you!!!
Feb 27, 2012 3:45AM
avatar
Wanna find local rich mates? i think i have the best choice
------m e e t w e a l t h y. С’ o _M. ----It is nice club for rich men or pretty girls mate. best platform for dating affluent, successful and beautiful singles ! you don't have to be a millionaire, but you can meet one ,I think everyone needs to meet some miracle ! 
====
-----  

Right on Doug, I have had an experience  a lot like yours. Many people today are working two or three jobs to make ends meet. That's how Obama can claim he "created" jobs. Many have also had to take lower paying positions and handle more of a workload. He also "cut spending" from 3.2 trillion last year to 3.5 trillion this year. Of course that is Obamaspeak' If he is re-elected we will each owe more in debt to foriegn countries than we can pay in decades of super taxation.
Feb 27, 2012 2:27AM
avatar

the government what to do????they all lied to get in and still lie about anything they can. we are taxed and taxed. if i pay a lot of taxes that just means i made money. its a catch 22

Feb 27, 2012 2:25AM
avatar

I'll say something nice about the President - I hope he has a nice retirement.

 

That his cell is as comfy as the rest of the criminals that have done various degrees of harm to this country.  That he gets to have his best buddy Eric Holder for a cellmate.  That the general population does to him daily what he's done to the country daily.

Feb 27, 2012 2:11AM
avatar
One thing i do know about this chat room,everything that is wrong in this country,they gonna put it on the prez.How many of you went to protest the war that bush got us into.The prez say do not go and he brought the troops home.How do you like that?Be postive some time.All you cyber bullies,just sprew out hateful words.For once in your life say something nice about someone. 
Feb 27, 2012 2:01AM
avatar
real simple; (1) bring  all our troops home(2) pass a moritorium on ALL foreign aid. it is the simlest way to balance the the budget (3 ) reinstitute the draft; would help the overall crime rate drop because "busy hands are happy hands" i had 20+ years in service went all over the world and now at 63 i still smile thinking of my days in the navy .i was told to go into harms way/ not asked" would you like a job where you have a large possibilty of dying all the time?" also; it should be mandantory that anyone running for for office have 6 years military service.no ifs ands or buts !!!!!!!!!
Feb 27, 2012 1:26AM
avatar
Right on Doug, I have had an experience  a lot like yours. Many people today are working two or three jobs to make ends meet. That's how Obama can claim he "created" jobs. Many have also had to take lower paying positions and handle more of a workload. He also "cut spending" from 3.2 trillion last year to 3.5 trillion this year. Of course that is Obamaspeak' If he is re-elected we will each owe more in debt to foriegn countries than we can pay in decades of super taxation.
Feb 27, 2012 1:25AM
avatar
After taxes, my income is around  minus $2.00 per hour.  I am better off not working.  But I still work anyway.
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2012 Microsoft. All rights reserved.

Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.

Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Telekurs.

Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.