[Verse 1] When your boss pays for your health insurance plan Section one-oh-six says it's not taxable, man Life insurance money when someone passes away One-oh-one keeps the IRS at bay [Chorus] Exclusions from your gross income These are gifts that keep on giving One-oh-six, one-oh-one, one-oh-two One-oh-three, one-seventeen, nine-eleven too One-twenty-one and fringe benefits galore Uncle Sam won't tax these anymore [Verse 2] Gifts and inheritances, one-oh-two's the key Duberstein case taught us what's truly free Municipal bonds pay interest tax-free Section one-oh-three's your victory [Chorus] Exclusions from your gross income These are gifts that keep on giving One-oh-six, one-oh-one, one-oh-two One-oh-three, one-seventeen, nine-eleven too One-twenty-one and fringe benefits galore Uncle Sam won't tax these anymore [Verse 3] Qualified scholarships under one-seventeen For tuition and books, keep your money clean Foreign earned income, nine-eleven's the way Up to a limit you can exclude each day [Bridge] Sell your home where you've lived for years Section one-twenty-one calms your fears Two-fifty thousand if you're single and free Five hundred thousand for married, you see [Verse 4] Educational assistance, dependent care too Fringe benefits your employer gives to you Sections one-seventeen, one-nineteen, and more One-twenty-seven, one-twenty-nine, one-thirty-two [Final Chorus] Exclusions from your gross income These are gifts that keep on giving Health insurance, life insurance, gifts so true Municipal bonds and scholarships too Foreign income and your home sale gain These exclusions ease your tax law pain [Outro] Remember these numbers, they'll serve you well In the tax code story we love to tell
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