SOI Tax Stats - SOI Bulletin: Summer 2022

 

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

The Statistics of Income Bulletin is issued quarterly by the Statistics of Income Division of the Internal Revenue Service. This report provides the earliest published annual financial statistics obtained from the various types of tax and information returns filed, as well as information from periodic or special analytical studies of particular interest to students of the U.S. tax system, tax policymakers, and tax administrators.

Featured Articles

Individual Noncash Charitable Contributions, Tax Year 2019PDF 
by Christopher Williams, Janette Wilson, and Shamika France

This article presents Tax Year 2019 cross-section data for noncash charitable contributions carried to the Form 1040, U.S. Individual Income Tax Return, Schedule A, Itemized Deductions, from Form 8283, Noncash Charitable Contributions. Total noncash charitable contributions were $74.8 billion as reported on approximately 8.8 million returns, of which $72.8 billion, from approximately 3.9 million returns, was carried to the Schedule A using Form 8283. This represents an increase of 2.8 percent, or approximately $2.0 billion, from Tax Year 2018, while the number of Forms 8283 filed decreased by 7.5 percent.

Corporate Foreign Tax Credit, Tax Year 2018PDF 
by Melissa Costa

For Tax Year 2018, over 9,800 corporations reported almost $768 billion of foreign-source taxable income and claimed a foreign tax credit totaling over $103 billion.  Although the foreign tax credit appears to have increased 71 percent over Tax Year 2017, much of the apparent jump is due to differences in the reporting requirements for section 965, a one-time provision which applied mostly to Tax Years 2017 and 2018.  Data for Tax Year 2017 section 965 amounts for these statistics are not available since corporations with tax years ending before December 31, 2018, were not required to report section 965 amounts on Form 1118.  Taxable income from the section 965 provisions was responsible for about 45 percent of the foreign-source taxable income for Tax Year 2018, while the new GILTI provisions were responsible for nearly 22 percent of the foreign taxable income.  Corporations that produce pharmaceuticals and medicines filed less than 1 percent of the number of returns with a foreign tax credit but were responsible for 23 percent of the total foreign-source taxable income.

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