Statistics of Income (SOI) Bulletin - Fall 2013 (entire publication in PDF)
Individual Income Tax Returns, 2011
by Justin Bryan
Taxpayers filed 145.4 million individual income tax returns for Tax Year (TY) 2011, an increase of 1.7 percent from the 142.9 million returns filed for TY 2010. The adjusted gross income (AGI) (less deficit) reported on these returns totaled $8.4 trillion, a 3.5-percent increase from the previous year. This was the second annual increase in AGI, following 2 years of decreases in 2008 and 2009.
Related Link: Individual Income Tax Returns
Partnership Returns, 2011
by Nina Shumofsky, Lauren Lee, and Ron DeCarlo
The number of partnerships and partners continued to grow between Tax Years 2010 and 2011. For 2011, the number of partnerships increased 1.1 percent, from 3,248,481 for 2010 to 3,285,177 for 2011. Since 2002, the number of partnerships has increased at an average annual rate of 4.4 percent. The number of partners increased 8.7 percent, from 22,428,047 for 2010 to 24,389,807 for 2011, and has grown 9 out of the last 10 years. Nearly half of all partnerships and a third of all partners were classified in the real estate and rental and leasing sector.
Total assets and total receipts increased in 2011 while total net income (loss) declined. Total assets increased 3.8 percent between 2010 and 2011, from $19.8 trillion to $20.6 trillion. Total receipts increased 9.8 percent, from $5.5 trillion for 2010 to $6 trillion for 2011. Partnerships also reported a 2.2-percent decrease in their total net income (loss), or profit, from $593.7 billion for 2010 to $580.9 billion for 2011.
Related Link: Partnership Statistics
Accumulation and Distribution of Individual Retirement Arrangements, 2010
by Victoria L. Bryant and Jon Gober
The year-end fair market value of all Individual Retirement Arrangements (IRAs) rose from $3.7 trillion in 2008 to $4.5 trillion in 2009 to $5.0 trillion in 2010. Roth IRA conversions increased significantly in 2010, rising over 800 percent, to $64.8 billion and surpassing contributions for the first time. This growth was primarily due to new tax provisions that expanded the availability of Roth conversions to all income levels. However, Roth conversions were not responsible for the changes in the year-end fair market values. This nearly 37-percent increase was the result of improvements in the value of investments.
Related Link: Special Studies on Individual Tax Return Data
In the Next Issue
Articles on the following topics are tentatively planned for inclusion in the Winter 2014 issue of the Statistics of Income Bulletin, scheduled to be published in March 2014:
- Individual Income Tax Rates and Shares, 2011
- Individual Income Tax, Preliminary Data, 2012
- Split Interest Trusts, Filing Year 2012
- Foreign Earned Income and Foreign Tax Credit
- Charities and Other Tax Exempt Organizations, 2010
- Individual Noncash Contributions, 2011