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All of the following should generally be included as taxable income on form 1040, Line 21,...

All of the following should generally be included as taxable income on form 1040, Line 21, EXCEPT:

1.REIMBURSEMENT RECEIVED FOR MEDICAL EXPENSES DEDUCTED IN PRIOR YEAR TEXT

,2.LIFE INSUARANCE PROCEEDS RECIVED AFTER DEATH OF SPOUSE

3.TAXABLE PORTION OF A DISASTER RELIEF PAYMENT

4.DIVEDENDS EXCEEDING NET PREMIUMS PAID ON A INSUARANCE POLICY

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Answer #1

Answer:

Correct answer is:

2. LIFE INSURANCE PROCEEDS RECEIVED AFTER DEATH OF SPOUSE

Explanation:

Life insurance proceeds received as a beneficiary on death of the insured person need not be reported and are not includable in gross income. (Source: https://www.irs.gov/faqs/interest-dividends-other-types-of-income/life-insurance-disability-insurance-proceeds/life-insurance-disability-insurance-proceeds)

As such option 2 is correct.

All other incomes as stated in options 1, 3 and 4 should generally be included as taxable income on form 1040, Line 21 (Other Income). As such options 1, 3 and 4 are incorrect.

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