SOI Tax Stats - SOI Bulletin: Spring 2022

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Individual Income Tax Returns, Preliminary Data, Tax Year 2020PDF

By Michael Parisi

This article presents selected income and tax items from individual income tax returns using preliminary data for Tax Year (TY) 2020 and comparable data for TY 2019. The preliminary statistics are based on a stratified random sample of U.S. Individual Income Tax Returns (Forms 1040 and 1040-SR), and are intended to represent a full year of taxpayer reporting based on returns processed for tax administration purposes from January through late September 2020. For TY 2020, taxpayers filed 164.2 million U.S. individual income tax returns, which were filed primarily in 2021, an increase of 2.8 percent from the 159.7 million returns filed for TY 2019. Also for 2020, adjusted gross income (AGI) increased 3.0 percent to $12.5 trillion. The AGI increase reflected increases in some components of income, including increases in net capital gains (24.7 percent), taxable income from pensions and annuities (6.1 percent), taxable Social Security income (4.0 percent), and salaries and wages (0.3 percent). Moreover, taxable income increased by 3.7 percent to $9.7 trillion for 2020. Similarly, total income tax increased by 4.4 percent to $1.7 trillion, and total tax liability increased by 4.0 percent to $1.8 trillion.

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