In general, most income you receive is going to be taxable. However, there are some situations where it is only partially taxable and some that are not taxable at all.

Some income that is not taxable includes: child support payments, gifts, bequests and inheritances; workers’ compensation benefits; welfare benefits; and cash rebates from a dealer or manufacturer.

Money from life insurance or scholarship or fellowship grants may or may not be taxable.

If you surrender a life insurance policy for cash, the proceeds that are more than the cost of the policy itself must be included as taxable. However, if you are paid life insurance benefits because of the death of the insured, these funds are not taxable unless the policy was turned over to you for a price.

As for the scholarships and fellowship grants, if you are working towards a degree, these amounts are not taxable. However, any amounts used for room and board are.

For a comprehensive list of taxable and nontaxable income, you can visit the IRS website at www.irs.gov.