Freshly released income statistics

The Internal Revenue Service today announced the availability of 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.

Other interesting stats include:

• 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.

• 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. 

If you'd like to learn more about these or any other tax-related subjects, contact Neikirk, Mahoney & Smith at (502) 896-2999 or visit us online at http://nmscpas.com/