SOI Tax Stats - SOI Bulletin: Spring 2022

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Statistics of Income (SOI) Bulletin, Spring 2022 (Publication 1136) PDF

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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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Related Link: Individual Income Tax Returns, Preliminary Data 

Corporate Foreign Tax Credit, Tax Years 2007–2016PDF

By Nuria McGrath and Chloe Gagin

This time-series article examines statistics related to the corporate foreign tax credit for tax years 2007 through 2016. The average number of corporations that filed a foreign tax credit was 6,905 over this 10-year period. These corporations had an average U.S. income tax before credits of $313.1 billion and an average foreign tax credit of $111.7 billion. Total worldwide taxable income for these returns was, on average, $891.6 billion, and the average taxable foreign-source income over this same period was $448.4 billion.