For 2000, 46 million taxpayers held $2.6 trillion in individual retirement arrangements (IRA’s). Nearly all (91.5 percent) was invested in traditional IRA plans. More than 15 million taxpayers made contributions of $36.5 billion to these plans.
For 2001, U.S. taxpayers living abroad reported $27 billion in foreign-earned income. The foreign-earned income exclusion was $14 billion, while the exclusion for employer-provided housing expenses was nearly $2 billion. There were also over $6 billion of foreign tax credits.
IC-DISC tax provisions provide limited incentives to small U.S. exporters. IC-DISC’s filed 727 income tax returns for 2000. Export gross receipts were $4.7 billion, tax-deferred IC-DISC income reported to shareholders was $0.7 billion, and actual distributions to shareholders were $0.4 billion.
For Tax Year 2001, about 130.3 million returns were filed, a 14.5-percent increase from the 113.7 million returns filed for 1990. The number of returns for all size classes with real adjusted gross income above $100,000 increased by 69.2 percent or more.
Nonprofit organizations filed approximately 39,000 Forms 990-T for unrelated business income (UBI). After offsetting total gross UBI ($8.4 billion) with deductions ($7.7 billion), unrelated business taxable income (less deficit) was $0.7 billion. Unrelated business income tax was $0.4 billion.
For Tax Year 1997, there were 1,168 individual income tax returns that showed EZE credits of $10.9 million against regular tax. In addition, 278 taxable corporations claimed $8.6 million in EZE credit.