Tax Stats: December 2012

Our monthly collection of statistics from the world of tax, from Beyond415

Our fourth stat for December breaks down where most individual tax penalties are issued.

In 2011, the IRS issued 28.7 million penalties to individual taxpayers. Three penalties -- the failure to file, failure to pay, and estimated tax penalties -- make up almost 98 percent issued to individual taxpayers.

Source: Beyond415; IRS Data Book, 2011

In 2011, the IRS issued more than 38.6 million penalties -- with more than 74 percent going to individual taxpayers.

Source: Beyond415; IRS Data Book, 2011

During the past 30 years, IRS interest rates on underpayments have lowered from 20 percent at the end of 1982 to just 3 percent in 2012 — making an IRS loan very inexpensive.

Source: Beyond415; U.S. Federal Register

For 2011 returns filed through July 2012, high-income individuals reported substantially higher capital gain income as a percentage of adjusted gross income. More than 120 million returns have been filed for 2011 with AGI of less than $100,000. Of those, the average percentage of capital gain income was 0.03 percent. Through July, 2,789 individuals filed for 2011 with AGI of more than $10 million. Those returns present a sharp contrast, with capital gain income representing, on average, more than 38 percent of AGI.

Source: Beyond415; IRS, Cumulative 2012 filing season information for returns processed through July 19, 2012



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