The IRS reports that it processed 132,719,466 returns from last season through May 28.
The figures cover number of returns processed and AGI, tax liabilities and percentages of filers’ income composed of capital gains.
As of the end of May, the IRS had processed the largest number of returns for taxpayers with annual AGI of $50,000 to $70,000, $100,000 to $200,000, and $30,000 to $40,000.
The figures in the service’s latest report present partial information from the population of all 1040s processed by the IRS at three points in the annual filing season: late May, mid-July and mid-November.
The May figures primarily constitute approximately 90% of all returns that will be processed by the IRS in the calendar year and reflect income earned in the year preceding the filing year and reported to the IRS by April 15, as well as some possible late-filed returns for prior tax years. Taxpayers who requested a six-month extension are excluded.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access