Statistics of Income (SOI) Bulletin - Spring 2015
(entire publication in PDF)
Individual Income Tax Returns, Preliminary Data, 2013
By Michael Parisi
Preliminary data show that taxpayers filed nearly 148 million U.S. individual income tax returns for Tax Year 2013. While both adjusted gross income (AGI) and taxable income increased less than 1 percent from the previous year, total income tax rose 3.6 percent to $1.2 trillion and total tax liability increased 4.5 percent to $1.3 trillion. More than two-thirds of all taxpayers claimed the standard deduction, which accounted for 43 percent of total deductions. Total taxes and interest paid made up about 70 percent of all itemized deductions for the year.
Related Link: Individual Income Tax Returns
Individual Income Tax Shares, 2012
By Adrian Dungan and Michael Parisi
Taxpayers filed 136.1 million individual income tax returns, excluding returns filed by dependents, for 2012. Adjusted gross income (AGI) for taxable returns was $9.04 trillion, up nearly 9 percent from the prior year. Total income tax was more than $1 trillion. To be included in the top 1 percent of returns for 2012 required an AGI of $434,682 or more; the top 0.001 percent required an AGI of $62,068,187 or more. Returns in the top 10 percent (returns with AGI of $125,195 or more) accounted for nearly half of AGI and paid more than two-thirds of all individual income tax for the year.
Related Link: Individual Income Tax Rates and Tax Shares
Individual Noncash Contributions, 2012
By Pearson Liddell and Janette Wilson
Individual taxpayers who itemized deductions reported almost $43 billion in noncash charitable contributions using Form 8283. Almost half of all noncash donations reported went to foundations ($11 billion) and large charitable organizations ($10.1 billion). Corporate stock accounted for the largest total amount and percentage of noncash charitable contributions, followed by clothing and household items. Taxpayers ages 65 or over accounted for more than a third of all noncash charitable contributions reported on Form 8283 for the year, even though they filed less than 16 percent of individual tax returns filed with a Form 8283.
Related Link: Special Studies on Individual Tax Return Data
Nonprofit Charitable Organizations, 2011
By Paul Arnsberger
Tax exempt public charities (501(c)(3) organizations) filed nearly 275,000 Forms 990 and 990-EZ and reported $3.0 trillion in assets for Tax Year 2011, nearly unchanged from the previous year. These organizations reported $1.6 trillion in both total expenses and total revenue. Nearly three-quarters ($1.2 trillion) of charitable revenue came from program services.
Related Link: Charities & Other Tax-Exempt Organizations Statistics
In the Next Issue
Articles on the following topics are tentatively planned for inclusion in the Summer 2015 issue of the Statistics of Income Bulletin, scheduled to be published in September 2015:
- Controlled Foreign Corporations, 2010
- Foreign-Controlled Domestic Corporations, 2012
- Municipal Bonds, 2012