The income period if the same tax year as the year for which deduction is claimed A claimant must reasonably anticipate that income received during the tax year, including income of the clamant’s spouse, will not exceed $10,000. Income of the claimant’s family members, other than spouse, should not be included as annual income.
Income means all income received from whatever source derived including, but not limited to, salaries, wages, bonuses, commissions, tips, and other compensations before payroll deductions, all dividends, interest, realized capital gains, royalties, income from rents, business income, and in their entirety, pension, annuity and retirement benefits. Realized capital gains, except for capital gain from the sale or exchange of real property owned and used by the claimant as his principal residence, dividends, interest, pensions, annuities and retirement benefits must be included in full without deductions even though they may be wholly or partially exempt for Federal income tax purposes.
Excludable Income:
Income can be excluded under ONE of the following three categories:
Social Security Benefits OR
Federal Government/Disability Pension including Federal Railroad Retirement Benefits OR
State, County, Municipal Government and their political subdivisions and agencies Retirement/Disability Pension.
