tax-exempt income

Definition of "tax-exempt income"
  1. Income that is not subject to taxation, as declared by Congress, including specific Social Security benefits, interest, welfare benefits, life insurance proceeds, and pension income
How to use "tax-exempt income" in a sentence
  1. Social Security benefits form part of her tax-exempt income.
  2. He received a tax-exempt income from his life insurance proceeds.
  3. His welfare benefits contribute to his tax-exempt income.
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