The Internal Revenue Service published statistics and reports Wednesday analyzing trends in 2012 and 2013 tax returns.
According to Statistics of Income—2013, Individual Income Tax Returns Complete Report (Publication 1304), U.S. taxpayers filed almost 147.4 million individual income tax returns for tax year 2013, up 1.7 percent from 2012. The adjusted gross income less deficit reported on these returns fell $6.5 billion, which is a 0.1-percent decrease from the prior year.
The report is based on a sample drawn from the 147.4 million individual income tax returns filed for tax year 2013 and provides estimates on sources of income, adjusted gross income, exemptions, deductions, taxable income, income tax, modified income tax, tax credits, self-employment tax, and tax payments.
Classifications include tax status, size of adjusted gross income, marital status, age, and type of tax computation. A brief text reviews the requirements for filing tax returns, explains the changes in tax law, and describes the sample used to produce the report. Publication 1304 is currently available for download at irs.gov/taxstats.
Separately, the IRS released Wednesday the summer 2015 issue of the Statistics of Income Bulletin on IRS.gov. The IRS’s Statistics of Income Division produces this online bulletin quarterly. Articles provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue features articles on the following topics:
High-Income Tax Returns for 2012: For 2012, there were more than 5 million individual income tax returns with an income of $200,000 or more, accounting for almost 4 percent of all returns for the year. The total number of returns with incomes of $200,000 or more increased by almost 12 percent compared to the total number of returns at that income level for 2011.
SOI Migration Data: A New Approach: This article discusses improvements to SOI migration data including the switch from partial- to full-year data, improved year-to-year return matching, and new tabulations that show migration flows at the State level, by size of adjusted gross income and age of the primary taxpayer.
Foreign-Controlled Domestic Corporations, 2012: Although foreign-controlled domestic corporations made up just over one percent of all corporate Federal income tax returns filed for tax year 2012, they accounted for about 16 percent of all corporate receipts—$4.7 trillion and held more than 14 percent of corporate assets—$about $12.3 trillion.
The SOI Bulletin is also available for download at IRS.gov/taxstats.
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