What is typically included as taxable income?

Taxable income generally refers to any income that is subject to taxation by the IRS. Income received from a job is considered earned income, which is fully taxable. This includes wages, salaries, commissions, bonuses, and other compensation for work performed.

On the other hand, income from savings accounts, while subject to interest, is considered taxable but often reported under different guidelines. Gift money from relatives is not taxable income for the recipient; instead, it is considered a gift, which has its own tax implications for the giver. Funds received as loans are also not taxable income because they are not considered earnings but rather borrowed money that must be paid back. Thus, income received from a job stands out as the only option that represents traditional taxable income.