The Internal Revenue Service announced the release of its spring 2006 issue of the Statistics of Income Bulletin. For the first time, the bulletin takes a detailed look at individual non-cash charitable contributions.
The bulletin also includes information about high-income individual income tax returns for the 2003 tax year, S-corporation returns for 2003, split-interest trusts for the 2004 filing year, controlled foreign corporations for the 2002 tax year, and the accumulation and distribution of IRAs for both the 2001 and 2002 tax years.
For Tax Year 2003, individuals reported non-cash donations valued at $36.9 billion. Of these donations, corporate stock was the largest type, with 37.2 percent of the total value deducted. The average value of these stock donations was $79,279 per return. The largest number of donations reported was for clothing, representing 48 percent of all donations. Foundations were earmarked as the receipients of more than 30 percent of donations.
Also in the 2002 tax year, individual income taxpayers contributed approximately $42.3 billion to IRAs, representing an 18-percent increase over 2001 contributions. More than $204 billion flowed into IRAs during 2002 as rollovers, up from $187 billion in 2001 and most coming from employer-sponsored plans, such as 401(k) plans. Another $3.3 billion was converted from traditional IRAs into Roth IRAs.
In spite of the increase in funds contributed into IRAs for 2002, the year-end fair market value of those arrangements fell from just over $2.6 trillion for 2001, to just over $2.5 trillion for 2002.
Information on receiving the complete bulletin is available at www.irs.gov.
Previously on WebCPA:
SOI Table Wizard, New Tax Gap Report Released (June 14, 2006)
New SOI Bulletin Shows Continued Revenue, Return Growth (April 11, 2006)
IRS Issues Detailed 2003 Statistics (Dec. 22, 2005)
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