Summer 2016 Statistics of Income Bulletin

Sep 2, 2016 | IRS - Internal Revenue Service | 0 comments

The Internal Revenue Service today announced that the summer 2016 issue of the Statistics of Income Bulletin is available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue includes articles on the following topics:

  • High-Income Tax Returns for 2013: For 2013, there were slightly more than 5.6 million individual income tax returns with an income of $200,000 or more, accounting for 3.8 percent of all returns for the year. Of these, 12,794 returns had no income tax liability, a 4.9-percent decline from the number of returns with no income tax liability for 2012, and the fourth decrease in a row since reaching an all-time high of 19,551 returns for 2009.
  • Individual Noncash Contributions, 2013: For Tax Year 2013, individual taxpayers who itemized deductions reported a total of $51.6 billion in noncash charitable contributions on a total of 22.2 million returns. About a third (7.7 million) of these returns reported $46.4 billion in charitable contribution deductions using Form 8283, Noncash Charitable Contributions. Individual taxpayers use this form when the amount of taxpayer deductions for all noncash donations on Schedule A, Itemized Deductions, exceeds $500.
  • Individual Income Tax Shares, 2013: For Tax Year 2013, taxpayers filed 138.3 million individual income tax returns, excluding returns filed by dependents. The average adjusted gross income (AGI) reported on these returns was $65,314, down from $66,444 for the previous year. Total AGI decreased 0.1 percent to $9.03 trillion, while total income tax increased 4.0 percent to $1.23 trillion. For 2013, the adjusted gross income  threshold for the top 50 percent of all individual income tax returns was $36,841 for the year. These taxpayers accounted for 88.5 percent of total AGI and paid 97.2 percent of total income tax. The top 0.001 percent of tax returns had an AGI of $45,097,112 or more. These taxpayers accounted for 1.9 percent of total AGI, and paid 3.3 percent of total income tax. The average tax rate of 13.64 percent for all returns in 2013 was the highest of this 10-year study.
  • Corporate Foreign Tax Credit, Tax Year 2012: For Tax Year 2012, corporations reported over $109.6 billion in foreign tax credits, which is almost identical to the amount claimed in 2011. Foreign source taxable income from corporations claiming the foreign tax credit decreased 1.6 percent from 2011, to $420 billion for 2012, while their current foreign taxes paid increased 21.3 percent, to $49.3 billion.  Firms in the manufacturing industry accounted for almost three-fifths of the foreign source taxable income. Together, the Netherlands, the United Kingdom, Canada, and Japan were responsible for 28.7 percent of the foreign source taxable income.

SOI Bulletin articles are available for download at IRS.gov/taxstats. For more information about these data, write to the Director, Statistics of Income (SOI) Division, RAAS:S, Internal Revenue Service, 1111 Constitution Avenue NW, (K-Room 4112), Washington, DC 20224


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