Did You Know…
The Internal Revenue Service (IRS) recently released the Spring 2012 Statistics of Income Bulletin to the general public. This issue features information on high-income individual income tax returns filed for tax year 2009.
Did you know that during 2009, of the more than 140 million tax returns filed, more than 3.9 million returns had adjusted gross incomes of $200,000 or more. That means that these “high-income” returns represent only 2.8 percent of all returns filed for 2009.
The Statistics of Income (SOI) Division of the IRS produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue of the SOI Bulletin also includes some other interesting articles, including the following:
- Did you know, for tax year 2009, of the 21.9 million individual taxpayers who itemized deductions, they reported $31.8 billion in deductions for noncash charitable contributions. This is an average of about $1,450 per return.
- Did you know, at the end of tax year 2008, individual income taxpayers held a reported $3.7 trillion in IRAs, based on the fair market value.
- Did you know, for tax year 2009, U.S. source income payments to foreign persons totaled $546.5 billion.
- Did you know, individuals filed 223,000 federal gift tax returns that reported almost $37.9 billion in assets transferred during 2009.
The data compiled by the IRS is mainly fun fodder for discussions; however, can sometimes let us in on some useful information and give us a clearer picture of income trends in the United States.