In recent years, many colleges have changed their college admissions testing policies, making standardized tests like the SAT optional, and placing more emphasis on other factors, such as GPA and essays. One reason for the shift is a growing concern that these tests tend to unfairly reward students with more wealth and access to test prep courses and tutors.
The SAT might be dropping as a requirement for admissions to some colleges, but the number has an impact beyond just getting into a school. Read on to learn how SAT requirements are changing, but why taking the SAT and submitting your score can still be helpful.
How SAT Requirements Are Changing
The number of colleges dropping SAT scores as a requirement for admission is growing. However, policies vary from school to school and from admission year to admission year, so students might want to double- and triple-check before assuming that their dream school doesn’t want to see their standardized test score.
A “test-optional” policy allows applicants to decide whether or not they want to submit their SAT or ACT scores to a college. This means that you can take the SAT (or ACT) and, based on how you do and how those scores compare to the average SAT score of admitted students, can decide whether or not you want to submit the score with your application.
Less commonly, colleges will have a “test-blind” or “test-free” policy. This means that even if a student submits SAT or ACT scores, the school will not consider them during the application process.
While some schools no longer require or consider their applicants’ SAT scores, others are making it easier to put your best foot forward with scores. Many colleges and universities, including the common application, now allow applicants to submit their SAT superscore.
An SAT superscore allows you to mix and match individual section scores from different test dates to come up with a “superscore” that is higher than the SAT score from a single sitting.
For some, this takes off some of the pressure of standardized testing. It means if a student feels off on one section, they can use a higher score from a previous test to get their best score possible.
Two other major recent changes to the SAT come from the College Board (which creates the test) itself: The SAT no longer contains the essay or subject tests. This means you no longer have the option to take — or submit — these tests.
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How SAT Scores Still Matter
Colleges and universities might be changing their guidelines about requiring SAT scores, but standardized tests still matter not only in the admissions process but beyond.
Here are some reasons why the SAT and a student’s score still matter:
• Avoiding the SAT could limit options. A student’s target school might not require an SAT score, but what about their safety or reach options? Bypassing the SAT test altogether could end up limiting a student in where they can apply to schools. With no test score at all, they may be limited to schools that don’t require an SAT score, potentially missing out on another great option for them. Forgoing the SAT test completely could mean dramatically cutting off a student’s options before the application process even begins.
• Considered, but not required. Some schools no longer require SAT scores for applicants, but will still consider them if submitted. Sharing SAT scores can help give admissions officers a more comprehensive picture of the applicant. In addition, if the school is particularly competitive, a strong standardized test score could help a student stand out.
• Scholarship eligibility. Some universities and nonprofits require an SAT score when applying for merit scholarships. Without an SAT score, applicants might be ineligible, losing out on an opportunity to get funding for education.
• They’re just a piece of the puzzle. SAT scores aren’t the only thing college admission boards consider. They’ll also look at a student’s GPA, extracurriculars, essays, recommendations, and more. No applicant is just a number, and the SAT score is only one small part of a student’s profile. Oftentimes, the score serves only as a screening tool in the beginning and is considered less and less the further a student progresses in the admissions process.
• Testing out of college courses. Applicants might not need SAT scores to apply to a school, but providing them might make them eligible to test out of core classes. In some schools, SAT scores might determine placement into, or out of 101 classes all students are required to take. Testing out of these courses could lead to graduating faster or spending less on higher education.
While students might not need an SAT score to get into their dream school, preparing for and taking a standardized test could help them secure admission, scholarships, and entry into higher-level courses.
Another Number that Matters: Financing Your Tuition
A student’s SAT score isn’t the only number they’ll have to consider during the admissions process. Another important figure is the cost of tuition, and students will have to start thinking of how they can pay for their education.
On top of federal student loans and scholarships, students might consider private student loans. These are educational loans available through banks, credit unions, and online lenders. Unlike federal student loans, private loans typically don’t come with benefits like income-driven repayment plans and loan forgiveness options — which is why it’s best to apply for federal student loans first.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
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The COVID-19 pandemic shifted the landscape of internships, giving rise to more remote-only opportunities. Even as companies have gone back to in-person and hybrid work, many have made remote internships a permanent offering. As a result, you are not necessarily limited by geography when looking for a college internship. But are virtual internships valuable?
The short answer is, yes. However, there are some steps you may want to take to ensure you get the most you can out of the experience. Here are key things to know about remote college internships.
Finding Remote Internships
Colleges usually have information about internships, both those that are available during the school year and summer internships. Students can check in with their school’s career center and see what intel it has on remote internships.
Students who are looking for remote internships can also get in touch with those in the alumni organization, ask around in their personal networks, and see if their schools will be hosting any job fairs during the upcoming semester.
You might also check out the Virtual Student Federal Service, which matches students with projects from a variety of federal agencies. This program is virtual, students can be in charge of their timetable, and the commitment is 10 hours a week. The application period for the program is July 1-31 every year.
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Creating a Home Office to Support Success
Working from home is a new experience for some people, so creating an environment that helps to maintain focus and health is key to success.
As with any office building, there are a few things that can be done to make the space healthier.
Those who will be spending most of the day in their home office may want to consider opening the windows, keeping the space clean, and investing in an air purifier.
A key piece of staying productive and reducing stress is having an organized space. When working from home, it helps to have a desk free of clutter.
Research has shown that maintaining an organized space helps with cognition, emotional health, and behavior. All of these factors contribute to how people perform at work.
Succeeding at an internship as well as at school could be challenging for students.
Setting boundaries for their work may help with prioritizing and prevent students from losing valuable study time.
Having set work hours can make it easier for students to turn “off” work mode and transition into study or relaxation mode.
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Paying Attention to Health
Students should also be aware of the impact that working from home can have on their physical health.
Long hours on a computer, both writing papers and doing work for their internship, can take a toll.
To prevent eye strain, students can adopt the 20-20-20 rule. It goes like this: Every 20 minutes, look at an object at least 20 feet away for 20 seconds.
In addition to preventing eye strain, students may want to pay attention to their posture throughout the day.
The Occupational Safety and Health Administration recommends working in a neutral position that won’t strain joints and tendons, and changing positions, stretching, and walking throughout the day, as well as performing some tasks while standing.
Physical health isn’t the only kind that can be affected by spending long periods of time at home.
Some people have reported that working from home caused them to feel more stress, whereas others said it reduced stress. Since this varies, students will have to keep an eye out for mental well-being during a remote internship.
To take care of their mental health, students can implement routines like walking, meditating, and calling friends.
Video calls are a great way to connect and network with others virtually.
Emails and phone calls are still important pieces of remote work, but with video calls, it’s easier to connect with remote co-workers and better understand them during meetings.
Nonverbal communication skills are essential to good communication.
This means that networking virtually is possible. Networking during an internship is important because internships have the potential to turn into full-time positions.
Asking colleagues to get together for a video chat to ask questions or better understand their position could improve the chance of being offered a job at the end of the internship.
Networking virtually takes planning and intentional communication, because coworkers can’t bond over lunch or chat at the water cooler.
Setting up a virtual chat to get to know colleagues better can demonstrate the ability to take initiative and how serious the intern is taking the position.
A virtual internship is going to work a bit differently from an in-person internship, which means students should be ready to ask a lot of questions.
Before beginning the internship, prepare a list of questions to ask the employer via email or video chat.
Asking questions can help students develop important leadership skills, so it’s a good habit to develop during an internship.
Starting an internship off right also involves setting up regular check-ins with a manager. They may do this already, but if not, it’s OK to ask for it to be implemented.
Receiving regular feedback can improve performance, and therefore help students get the most out of their internships.
Juggling studies and a remote internship may be intense, so part of being prepared is getting a calendar to track important dates and internship tasks.
Blocking off time in a calendar to focus on the internship tasks could prevent moments of burnout and overwhelm.
Brushing Up On the Tech
Before beginning a virtual internship, it could help students to get familiar with the common platforms that are used in remote work for communication, task management, file sharing, and online calendars.
Each workplace is going to use different programs; some may prefer Asana versus Trello when it comes to task management, and some may prefer Slack versus Basecamp for communication within the team.
There are tons of programs out there to make virtual work easier. Interns won’t be able to learn them all, but brushing up on what’s popular may ease anxiety and increase feelings of preparedness.
It can be really easy to forget all that has been accomplished during an internship.
Most internships last a whole semester (or summer), and if students aren’t tracking what their tasks and accomplishments are, they may forget them.
This is important information for students to keep for both themselves and their managers.
Keeping things documented can help students easily add their accomplishments and new skills to their resume.
It will also make it easier for managers to write a letter of recommendation at the end of the internship.
With luck, the manager will remember the best of the accomplishments, but if they’re managing a large team it could be difficult for them to write a letter without reference points.
A letter of recommendation can help students once they enter the workforce and begin applying for jobs.
Many college internships are paid, but some are not. Either way, you’ll likely still need financial support to cover the cost of college — which usually goes well beyond tuition.
Your funding options include federal aid (including grants, scholarships, and subsidized student loans), savings, help from parents or others, and private student loans.
It’s generally recommended that students exhaust all options of federal aid (including federal loans) before moving on to private loans.
If you still have gaps in funding, you may want to apply for a private student loan. These are available from banks, credit unions, and online lenders. Rates and terms are determined by the lender. Students who have excellent credit (or can recruit a cosigner who does) generally qualify for the lowest rates.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
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They call San Diego “America’s Finest City” for good reason: It has year-round sunshine, gorgeous beaches, and plenty to see, do, and eat. There are parks, museums, zoos, baseball games, and vineyards waiting for you to explore.
The challenge will be narrowing down the things to do so they fit into the time you have for your San Diego vacation. But here’s help: an insider’s list of the top 10 fun things to do in this fantastic city, plus tips on planning a perfect trip.
Best Times to Go to San Diego
If you’re looking for great weather for your San Diego trip, any time of year is a good one. Temperatures are a little cooler in the winter (usually in the 60s) and can get as high as the 90s in the summer, though the average falls more in the range of high 70s to 80s.
There are a few events held throughout the year you might want to plan around:
• January: Farmers Insurance Open (golf)
• June/July: San Diego County Fair
• July: Comic-Con International
• July-September: Del Mar Racing Season
• September: Miramar Air Show
• November: Beer Week
• November: San Diego Bay Wine + Food Festival
Bad Times to Go to San Diego
There really are no bad times to visit San Diego, though you will find most of the bigger events and festivals fall in the summer. The ocean water is cool throughout the year, so if taking a swim is high on your list, aim for the hotter summer months.
If you’re already planning your San Diego trip, you’ll want to create a budget. Traveling solo? The average cost for a weeklong trip is $1,886. For a couple, that cost is $3,387.
Hotel prices range from $80 to $267 a night or higher if you like to stay in posh accommodations, and vacation rentals are $250 to 610 a night. The level of luxury you want in your accommodations, as well as whether you dine out or eat in will impact your vacation budget. (Of course, you can also find ways to save on hotel costs, by becoming a member at a hotel chain’s website and via other smart strategies.)
You can save on your trip if you use a travel rewards credit card that lets you accumulate and redeem points for rewards. You might compare credit card miles vs. cash back to see which is a better fit.
When budgeting for your trip, you’ll also want to include transportation to and from San Diego. For those who live nearby or are frugal travelers, that will mean a drive or a bus or train ride. For others, it means plane tickets.
You may also want to set aside some money for trip insurance, just in case your plans don’t unfold smoothly. You may have credit card travel insurance, or you might buy a separate policy.
10 Fun Must-Dos in San Diego
Here are some of the best things to do in San Diego, based on recommendations from locals and knowledgeable travelers, as well as popular tourist websites.
Keep in mind that San Diego has several distinct neighborhoods, including North Park, South Park, Mission Hills, Normal Heights, Kensington, and more. Each is walkable and filled with restaurants, shops, and events to keep you engaged. Now, consider this list of the best things to do when vacationing in San Diego.
1. Explore Balboa Park
Balboa Park was the setting for the 1915 Panama-California Exposition, and, since then, it has become an icon in the city. Home to the Comic-Con Museum, Fleet Science Center, Japanese Friendship Garden, Mingei International Museum, the San Diego Zoo, and much more, the park is also filled with free things to do in San Diego. You can spend hours here, exploring all of the attractions, and, since there isn’t an admission fee, this can be a way for families to afford to travel.
However, some of the specific museums will charge for entry, so do a bit of research before you head over. balboapark.org/
2. Check out the San Diego Zoo
One of the top things to do in San Diego is to visit the zoo or its sister location, Safari Park. In addition to being able to see animals like sloths, koalas, giraffes, and elephants, you can also take part in exclusive experiences that bring you up close and personal with some of your favorite creatures. Tickets are typically $61 for kids ages 3 to 11, and $71 for ages 12 and up. (Ticket prices at the separate Safari Park are similarly priced.) The zoo is usually open daily, though hours can vary, sometimes as long as from 9 am to 9 pm. Check the website before visiting. zoo.sandiegozoo.org/
3. Explore North Park
If you’re seeking things to do in San Diego for adults and you like beer, head to the neighborhood of North Park. This hipster ‘hood is in the heart of San Diego and is home to some of the best breweries in this city known for its stellar craft beer. The neighborhood is highly walkable, and you’ll also find great options for dining and shopping. sandiego.org/explore/downtown-urban/north-park-south-park.aspx
4. Raise a Glass
If wine’s more your thing, one of the things to do in San Diego for couples or friends is to visit Temecula wine country, just an hour north of San Diego. This hidden gem offers more than 50 wine varietals, including award-winning versions of Cabernet Sauvignon, Sauvignon Blanc, Merlot, Mourvedre, Viognier, Chardonnay, and sparkling wines.
Many of the wineries have on-site restaurants, and some even offer live music. When heading to this area and maybe buying some bottles to take home, consider paying with plastic and snag some credit card rewards. temeculawines.org/
5. Stroll Around the Hotel del Coronado
One of the most unique things to do in San Diego is to visit the historic Hotel del Coronado. Known as “Hotel Del” to locals, this hotel was first opened in 1888, and was the setting for the film “Some Like it Hot” starring Marilyn Monroe. Set by the sea, this iconic red-roofed Victorian resort is a fascinating place to visit.
Even if you don’t stay at the hotel, you can explore its shops, restaurants, and beach. During the Christmas holidays, the hotel is transformed into a winter wonderland, complete with outdoor ice skating rink. hoteldel.com/
6. Catch a Ballgame
Baseball fans shouldn’t miss a San Diego Padres game at downtown’s Petco Park. The season is March through October, though there are also special events and tours at Petco Park.
Dining options at the park highlight some of the best restaurants and breweries in the city, including Hodad’s, Seaside Market, and Gaglione Brothers. mlb.com/padres/ballpark
7. Hit the Beach
If getting some sand between your toes is on your must-do list for your San Diego vacation, the iconic Mission Beach should be on your agenda. Anchored by the amusement park known as Belmont Park, Mission Beach offers two miles of boardwalk if you crave a bike ride, jog, or rollerblade. The beaches (and parking lots) can fill up, especially in the summer, so arrive early and plan to stay all day.
Are you traveling with pets? Leashed dogs are allowed on the beach at certain hours, so this might be a good place to explore together.
There are plenty of places to get a cocktail or meal along the boardwalk. The dress code? Flip flops and swimsuits! sandiego.org/explore/things-to-do/beaches-bays/mission-beach.aspx
8. Sample Some Nightlife
If you’re looking for things to do in San Diego at night, Gaslamp Quarter may have what you need. Filled with nightclubs, bars (including rooftop options), and restaurants, it’s a popular scene. Whether you’re in the mood to dance, catch a comedy show, try an escape game, or hear music, you’ll find it here. gaslamp.org/
One of the fun things to do in San Diego for all ages is visit Old Town, the birthplace of California. Filled with historic buildings that have been turned into restaurants and shops, Old Town is a great place to learn about the early days of San Diego.
There is also a “hop on, hop off” trolley tour that stops in Old Town, so you can see more of the city. oldtownsandiego.org/
10. Marvel at the Maritime Museum
The Maritime Museum, located on the Embarcadero, consists of more than a dozen sailing ships, submarines, and steam-powered ships that you can climb aboard and explore. Don’t miss the Star of India, the world’s oldest active sailing ship. Open daily from 10 am to 5 pm (last admission at 4 pm), the museum charges $20 admission for adults; $10 for children ages 3 to 12. sdmaritime.org/
The Takeaway
San Diego offers sun, fun, and plenty of things to do. It can be a great destination year-round, and whether you’re a couple in search of nightlife and wine tastings or a family who wants to spend the day at the zoo, you’ll find all kinds of amazing attractions in this Southern California city.
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FAQ
When is the best time to visit San Diego?
San Diego sees sunshine year-round, so any time is a good time to visit. However, the weather is warm but not too hot and the crowds are fewer between March and May and September to November.
What are things to do at night in San Diego?
San Diego has a robust nightlife in certain neighborhoods. North Park is known for its craft beer and restaurants, while Gaslamp Quarter is filled with nightclubs and bars.
What are things to do in Balboa Park in San Diego?
Balboa Park is home to numerous museums as well as the San Diego Zoo. It also hosts events throughout the year, including December Nights during the holiday season.
Photo credit: iStock/SeanPavonePhoto
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One career path that is both challenging and rewarding is a medical biller and coder. How much does a medical coder make? According to data from the U.S. Bureau of Labor Statistics (BLS), medical records specialists (aka medical billers and coders) make a median of $47,180 per year, or $22.69 per hour.
Keep reading to learn what medical billers and coders do, and the qualifications and requirements.
What Are Medical Coders?
A medical biller and coder’s job responsibilities revolve around translating a physician’s medical reports into uniform medical codes that can be easily understood by insurers and other health care facilities. These professionals need to be detail-oriented, as one letter or number out of place can make a big difference. This type of work is also fairly independent and as such is a solid fit for introverts with anxiety.
A medical biller and coder steps in after the physician meets with a patient. Their work helps health insurance providers process the patient’s bill. Communication is primarily conducted using codes that describe medical diagnoses and procedures.
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Medical Coder Job Responsibility Examples
A medical biller and coder needs to know the following protocols:
• Clinical documentation
• Health information technology
• Customer billing
• Disease classification through ICD-10 codes
• Medical services and procedures classification via CPT codes
• Hospital facilities, supplies, and procedures through Inpatient coding
• Medicare and Medicaid coding via HCPCS
Medical billers and coders also need to remain HIPAA-compliant throughout their work. HIPAA stands for the Health Insurance Portability and Accountability Act and deals with patient privacy.
How Much Do Starting Medical Coders Make?
According to the BLS’s most recent data from 2022, the bottom 10% of medical records specialists earn less than $31,710, typically at the entry-level stage. At the other end of the spectrum, 10% of workers in this role earn more than $75,460.
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What Is the Average Salary for a Medical Coder?
On average, professional medical coders can expect to make $47,180 per year or $22.69 per hour. However, the type of medical coding job they take on can affect how much they’ll be paid. Some types of workplaces tend to pay more competitively for this skill set.
The top workplaces for medical coders and their mean salaries include:
• Insurer carriers: $64,800
• Physician offices: $42,800
• Residential care facilities: $44,350
• Administrative and support services: $57,950
• Hospitals (state, local, and private): $54,210
The state someone lives in also impacts their earning potential as a medical biller and coder.
Medical Coder Job Considerations for Pay and Benefits
Professionals considering this career path should keep benefits top of mind. Because most medical records specialists work full-time positions, candidates may want to focus their job search on roles that come with health insurance, paid time off, and retirement plans.
Pros and Cons of Medical Coder Salary
Before deciding to pursue a career as a medical biller and coder, consider these advantages and disadvantages.
Pros
• Four-year degree not required. To become a medical biller and coder, only a short accredited training program is required. It generally takes 7-24 months to complete training.
• Training can be completed online. This means that students can balance a full-time job and/or family obligations while completing their education.
• Low training costs. These programs are typically much cheaper than pursuing a four-year degree or training for high-paying trade jobs. Students can expect to pay $1,000 to $3,000 per training program.
• Work-from-home potential. Many medical biller and coder jobs are remote. This makes medical coding a good work-from-home job for retirees.
Cons
• High school diploma or GED required. While students can skip the traditional college route in pursuit of this career path, they do generally need either a GED or high school diploma to be eligible for the required training programs.
• Certification required. Once a student completes a medical biller and coding training program, they need to become certified. This requires passing both the Certified Professional Coder (CPC) and the Registered Health Information Technician (RHIT) exams.
• Must renew certifications. One major hurdle associated with being a medical biller and coder is needing to renew your certification every two to three years.
• Risk of carpal tunnel syndrome. Because of the repetitive typing motions with this role, developing carpal tunnel syndrome is a possibility.
Working as a medical biller and coder can be a great career path for individuals who are detail-oriented and like a job with consistent responsibilities. That said, this role does require formal training, passing certification exams, and maintaining a professional certification. So this career path requires a level of commitment.
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FAQ
What type of medical coder makes the most money?
Hospital medical coders make the most money, as well as those in professional, scientific, and technical services. The median annual salary for those niches is $47,000.
What is the highest paid medical biller and coder?
The type of medical coding work someone does, their experience level, and their location can all impact earnings. The top 10% of high earners in the medical biller and coder field earn more than $74,200.
Is becoming a medical biller and coder worth it?
On the low end, 10% of medical coders earn less than $29,430. However, this career path offers much higher earning potential for committed and experiences pros.
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Nothing is as certain as tax season. Like it or not, it comes every year, and taxpayers need to report and pay their dues on all taxable income. But did you know that some income is non-taxable?
That’s right: In some rare cases, Uncle Sam won’t be asking for his fair share. But you may wonder how to know the difference and how you can correctly file your taxes. This guide can help you understand this important distinction.
Read on to learn:
• What is taxable income vs. non-taxable income?
• What are some examples of taxable income?
• What are some examples of non-taxable income?
Taxable and Non-Taxable Income Explained
The difference between taxable and non-taxable income is pretty straightforward:
• Taxable income is subject to taxes. That means you must report it to the IRS on your tax return and pay taxes on it based on your filing status and tax bracket. And remember: Income isn’t just money that you earn. Income can come in the form of money, property, or services rendered.
• Non-taxable income is not subject to taxes. Though you may have pocketed money throughout the year (perhaps child support), you do not need to pay taxes on it. However, you may still need to report it on your tax return.
Understanding the differences between these two terms is easy. It’s understanding just what is considered taxable income vs. non-taxable income that can be more challenging without the help of an accountant.
Understanding your taxes is an important aspect of managing your finances. Incorrectly accounting for income could leave you owing the government money plus penalties, so read on to learn more.
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What Is Taxable Income?
Taxable income is money, property, or services that you received that the IRS requires you to pay taxes on. Common types of taxable income include wages, self-employment earnings, and stock dividends.
Examples of Taxable Income
Wages are an easy example of taxable income, but the list of what kind of earnings are taxed is much more extensive. Below are some examples of taxable income to keep in mind when filing, but note that this list is not exhaustive, meaning you should research each type of income you earned throughout the year to determine if you owe taxes.
• Salary, wages, tips, bonuses, and self-employment income: First and foremost, the income you make for doing your job counts as taxable income. That includes both salaried and hourly workers who receive a W-2. If you earn tips — even cash tips — you’ve got to report those, too. Bonuses are also taxable, as is any income you make as a self-employed individual.
Self-employed taxpayers who receive 1099 forms have to pay more in taxes than salaried employees. That’s because they also owe self-employment taxes to cover items like Social Security and Medicare contributions.
• Investment income: If you rent out property (like a house or a vehicle), you must report that income to the IRS and pay taxes on it. If you have investments that pay interest and unqualified dividends, those are taxable as well.
• Fringe benefits: The IRS is careful to spell out that income isn’t just money you earn. For example, if your employer pays for an off-site gym membership or sends you a Christmas gift every year, these are considered fringe benefits — and you’ve got to report and pay taxes on the monetary value of those benefits. Not all fringe benefits are taxable; if you’re unsure whether you need to pay taxes on something, you can check out the IRS’s resource on fringe benefits or work with an accountant.
• Some retirement income: If you contributed to a traditional IRA or traditional 401(k) plan, those contributions were pre-tax. When you start withdrawing those funds, you unfortunately have to pay taxes on that money.
• Income from the sale of assets: When you sell something — whether it’s your car, a stock, or even an old couch — you generally have to report the capital gain from that sale. There are exceptions, including the big tax break you may receive when you sell your house (more on that below).
• Royalties: If you earn royalties from copyrights, patents, or oil, gas, and mineral properties, you’ll have to pay taxes on those royalties.
• Alimony, sometimes: Tax law on alimony payments has changed. If you got a divorce before 2019 and have not altered the agreement to expressly state that alimony isn’t considered income, then you’ll pay taxes on it.
• Unemployment compensation: Yes, even if you’re out of work and receiving unemployment benefits, you’ve got to pay taxes.
Remember, this list is not all-encompassing. The IRS has guidance on everything from cash for babysitting to bartering to lottery winnings. If you’re unsure what income to report, you may benefit from working with an accountant. As you prepare for tax season, these professionals can help you sort out what is taxable vs. non-taxable income so you can file correctly.
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What Is Non-Taxable Income?
Non-taxable income is money, property, or services that you received that the IRS does not require you to pay taxes on, though you may still need to report it on your tax return. Common types of non-taxable income include child support payments, cash rebates, and welfare payments.
As with taxable income, the list of non-taxable income is extensive (and has a lot of fine print). We’ve compiled some examples of non-taxable income below, but it’s a good idea to work with an accountant if you’re unsure how to report your income on your tax return. Again, this is not a complete list.
• Child support payments: Child support payments are not taxable income — and there’s no fine print to worry about with this money, either.
• Welfare: Welfare benefits are not taxable. Like child support payments, guidance is very straightforward on this.
• Alimony, sometimes: If you receive alimony for a divorce in 2019 or later, you do not pay taxes on that income. If you got a divorce before 2019 and modified the agreement after 2018, you may not have to pay taxes on alimony.
• The sale of a house, sometimes: If you’re quickly flipping houses for a profit, those capital gains are taxable. However, the government has provided a sizable tax break for homeowners. If you sold your home and lived in it for at least two of the last five years, you don’t have to pay taxes on the first $250,000 in profit ($500,000 if married, filing jointly). There’s more fine print about this tax break, so it’s a good idea to reference IRS materials if you have large capital gains from the sale of a house.
• Some fringe benefits: In general, fringe benefits are taxable, but the IRS does have a list of exclusions, like adoption assistance and dependent care assistance (up to certain limits). For full details, review the IRS’s detailed breakdown of fringe benefits and taxation; the link is provided above.
• Some retirement income: While you’ll pay taxes when withdrawing from your traditional IRA and 401(k) in retirement, you won’t have to worry about taxes when drawing from a Roth IRA and Roth 401(k). Why? Contributions are post-tax, so you’ve already paid taxes on the funds.
• Gifts and inheritances: You usually don’t have to pay taxes on (property) gifts you receive; the IRS doesn’t come for Santa’s presents!). What’s more, you likely don’t have to pay taxes on inheritances. Instead, the deceased’s estate pays taxes on the money before you receive the inheritance.
• Life insurance payout: If you receive proceeds as the recipient of a life insurance policy when the policyholder dies, that money is not taxable. But if you cash in a life insurance policy, some or all of it is taxable.
It’s possible to earn both taxable and non-taxable income. While the most common source of income — your paycheck — is taxable, you might receive some income for which you pay no taxes, like child support or capital gains on the sale of your home. It’s wise to make sure you fully understand how money you receive is categorized, so that you can file your taxes correctly. This could be accomplished by working with a tax professional, using tax software, or doing your own research.
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FAQ
What are the pros and cons of taxable income?
The largest pro of taxable income is that it inherently means you’re making money. Whether it’s from a salary or an investment, having income that’s taxable implies you are receiving the money you need to survive. And, of course, the con of taxable income is that not all of the income is yours — you’ll have to pay taxes on it, and generally, the more you earn, the more you’ll owe.
What are the pros and cons of non-taxable income?
The biggest pro of non-taxable income is that you don’t have to pay taxes on it. Every dollar you earn is yours to keep. Non-taxable income can have some cons, however, depending on the source. For example, you may receive non-taxable income as a life insurance payout or inheritance, which implies you’ve lost someone special in your life. Non-taxable income can also be more confusing to navigate on your tax return and could necessitate the help of a professional accountant.
How do you calculate taxable and non-taxable income?
The IRS has a comprehensive guide to taxable vs. non-taxable income. In assessing each source of your income, you can review IRS guidance for how to report it and whether it’s taxable or not. If you’re feeling overwhelmed, you may benefit from using tax preparation software or a professional tax preparer.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.
As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.
Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
