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IRS Statistics on individual Tax Returns for 2011

IRS Statistics on individual Tax Returns for 2011 

The Internal Revenue System has released its statistics on Tax Year 2011 individual returns filed in 2012.  The data indicates some improvement in the economy after the slower years of 2009 and 2010, though some sluggishness remains.  In general, the IRS notes: 

  • Taxpayers filed 145.4 million individual income tax returns for Tax Year (TY) 2011, an increase of 1.7 percent from the 142.9 million returns filed for TY 2010 
  • The adjusted gross income (AGI) (less deficit) reported on these returns totaled $8.4 trillion, a 3.5-percent increase from the previous year. This was the second annual increase in AGI, following 2 years of decreases in 2008 and 2009. 
  • The adjusted gross income (AGI) (less deficit) reported on these returns totaled $8.4 trillion, a 3.5-percent increase from the previous year. This was the second annual increase in AGI, following 2 years of decreases in 2008 and 2009.

 Figure A

 

 

 

 

Income items general showed increases, including a 126 percent increase in capital gains distributions, a 30 percent increase in rent and royalty income (after losses), and a 18.9 percent growth in farm income.  Offsetting these increases were a decline in unemployment income (declining 23.2 percent) and taxable interest (declining 14 percent).  The decrease in unemployment compensation was the first time in 5 years that the amount of this item reported on individual tax returns declined from the previous year, reflecting both workers who re-entered the work force and those who had exhausted their unemployment benefits. 

Figure B

 

 

 

 

 

Statutory income tax rates remained constant for 2011 for the eighth straight year (although the tax brackets were widened due to inflation indexing), having been preceded by 3 consecutive years of reductions. 

For 2011, itemized deductions increased by just 0.2 percent to $1,218.5 billion. The deduction for taxes paid increased 4.5 percent, to $465.1 billion.  In comparison, the itemized deduction for interest paid experienced the largest percentage decline, dropping 7.5 percent to $383.6 billion. The home mortgage interest deduction accounted for the majority of the decline in interest paid, also dropping 7.5 percent from $393.0 billion in 2010 to $364.3 billion in 2011.

 

For the full 77-page report, see http://www.irs.gov/pub/irs-soi/13inreturnsfallbul.pdf

 

Source:  Internal Revenue Service at http://www.irs.gov/pub/irs-soi/13inreturnsfallbul.pdf

 

 

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