Statistics of Income (SOI) Bulletin - Summer 2016
(entire publication in PDF)
Individual Noncash Contributions, 2013
By Pearson Liddell and Janette Wilson
For Tax Year 2013, individual taxpayers who itemized deductions reported a total of $51.6 billion in noncash charitable contributions on a total of 22.2 million returns. About a third (7.7 million) of these returns reported $46.4 billion in charitable contribution deductions using Form 8283, Noncash Charitable Contributions. Individual taxpayers use this form when the amount of taxpayer deductions for all noncash donations on Schedule A, Itemized Deductions, exceeds $500.
Related Link: Special Studies on Individual Tax Return Data
Corporate Foreign Tax Credit, 2012
By Nuria McGrath
For Tax Year 2012, corporations reported over $109.6 billion in foreign tax credits, which is almost identical to the amount claimed in 2011. Foreign source taxable income from corporations claiming the foreign tax credit decreased 1.6 percent from 2011, to $420 billion for 2012, while their current foreign taxes paid increased 21.3 percent, to $49.3 billion. Firms in the manufacturing industry accounted for almost three-fifths of the foreign source taxable income. Together, the Netherlands, the United Kingdom, Canada, and Japan were responsible for 28.7 percent of the foreign source taxable income.
Related Link: Corporate Foreign Tax Credit Statistics
Individual Income Tax Shares, 2013
By Adrian Dungan
For Tax Year 2013, taxpayers filed 138.3 million individual income tax returns, excluding returns filed by dependents. The average AGI reported on these returns was $65,314, down from $66,444 for the previous year. Total AGI decreased 0.1 percent to $9.03 trillion, while total income tax increased 4.0 percent to $1.23 trillion. For 2013, the adjusted gross income (AGI) threshold for the top 50 percent of all individual income tax returns was $36,841 for the year. These taxpayers accounted for 88.5 percent of total AGI and paid 97.2 percent of total income tax. The top 0.001 percent of tax returns had an AGI of $45,097,112 or more. These taxpayers accounted for 1.9 percent of total AGI, and paid 3.3 percent of total income tax. The average tax rate of 13.64 percent for all returns in 2013 was the highest of this 10-year study.
Related Link: Individual Income Tax Rates and Tax Shares
High-Income Tax Returns, 2013
By Justin Bryan
For 2013, there were slightly more than 5.6 million individual income tax returns with an expanded income of $200,000 or more, accounting for 3.8 percent of all returns for the year. Of these, 12,794 returns had no worldwide income tax liability. This was a 4.9-percent decline in the number of returns with no worldwide income tax liability in 2012, and the fourth decrease in a row since reaching an all-time high of 19,551 returns in 2009.
Related Link: High Income Tax Returns