Generally, an amount included in your income is taxable unless it is specifically exempted by law. The different types of income that are taxable are following.

1) Wages

2) Intrest Income

3) Dividends

4) Alimony

5) Rental Income

6) Business Income

7) Unemployment compensation

8) Prizes, Award, and Gambling Winnings

Don't overpay the IRS by including non-taxable income on your tax return. The following are the top 10 non-taxable items of income:

1) Child Support Payments

2) IRA and Pension rollovers

3) Inheritances

4) Gifts

5) Workers Compensation

6) Roth IRA qualified distributions

7) Most scholarships and fellowships

8) Health and accident benefits

9) Federal income tax refund

10) Cancellation of debt because of bankruptcy or insolvency.