SOI Tax Stats - SOI Bulletin: Spring 2008

Individual Income Tax Returns, Preliminary Data, 2006PDF
Article by Brian Balkovic, SOI

For 2006, taxpayers filed 138.4 million U.S. individual income tax returns, an increase of 2.9 percent from the 134.5 million returns filed for 2005. In addition, Adjusted Gross Income (AGI) rose 8.4 percent from the previous year to $8.0 trillion for 2006. Taxable income rose 9.0 percent to $5.6 trillion. The alternative minimum tax rose 21.3 percent to $19.3 billion, while total income tax increased 10.6 percent to $1.0 trillion, and total tax liability rose 10.3 percent to $1.1 trillion.

High-Income Tax Returns for 2005PDF
Article by Brian Balkovic, SOI

For Tax Year 2005, there were 3,566,125 individual income tax returns that reported Adjusted Gross Income (AGI) of $200,000 or more, and 3,584,012 with expanded income of $200,000 or more. These returns represent, respectively, 2.654 percent and 2.667 percent of all returns filed for 2005.

Individual Noncash Contributions, 2005PDF
Article by Janette Wilson, SOI

For Tax Year 2005, 25.4 million individual income taxpayers reported $48.1 billion in deductions for noncash charitable contributions. Of these, 6.6 million reported a total of $41.1 billion in noncash charitable contributions in excess of $500, as shown on Form 8283.

Accumulation and Distribution of Individual Retirement Arrangements, 2004PDF
Article by Victoria L. Bryant, SOI

For 2004, 14.7 million individual income taxpayers contributed approximately $48.7 billion to Individual Retirement Arrangements (IRAs). In addition, they reported $214.9 billion as rollovers into IRAs, usually from employer-sponsored plans, such as 401(k) plans. At year-end, approximately 50.9 million taxpayers held $3.3 trillion in IRAs based on fair market value.

The One-Time Received Dividend DeductionPDF
Article by Melissa Redmiles, SOI

Approximately 840 mostly large corporations repatriated nearly $362 billion from their controlled foreign corporations (CFCs) and deducted about $265 billion of these dividends from their taxable incomes between Tax Years 2004 and 2006 due to the one-time dividend received deduction enacted in the American Jobs Creation Act of 2004.

Federal Estate Tax Returns Filed for 2004 DecedentsPDF
Article by Brian G. Raub, SOI

An estimated 42,239 Federal estate tax returns were filed for 2004 decedents with gross estates greater than $1.5 million. These estates reported a combined $185.9 billion in total gross estate. The largest asset type in the overall portfolio of these decedents was publicly traded stock, valued at $51.5 billion, followed by investment real estate and tax-exempt bonds, valued at $27.2 billion and $18.3 billion, respectively.

The Development of Taxable REIT Subsidiaries, 2001-2004PDF
Article by Thornton Matheson, Treasury Department's Office of Tax Analysis

The number of taxable Real Estate Investment Trust (REIT) subsidiaries increased steadily in the 4 years following the enactment of the REIT Modernization Act, which Congress passed in December 1999 and took effect in 2001. Some 379 taxable REIT subsidiaries (TRSs) filed Form 8875 and Form 1120 in 2001, after which TRS filings rose to 704 in 2004. During this time, total TRS assets grew from $16.8 billion to $68.2 billion, and total TRS income from $6.9 billion to $16.2 billion.