Message Font: Serif | Sans-Serif
 
No. of Recommendations: 8
Each year the IRS releases the SOI Tax Stats (Statistics On Income) for tax returns 2 years prior. The most recent release is for 2016 tax returns filed in 2017.

This offers a multitude of tax tables organized just about any way you can imagine, which are downloadable in Excel. If you're comfortable with some of Excel's basic functions, you can set up the table to provide all manner of interesting tax statistics for the year.

https://www.irs.gov/statistics/soi-tax-stats-individual-inco...

For example, here's some interesting info on tax returns from those age 65 and older from lowest stats to highest stats, comparing the 65 and older filers with all tax returns filed for 2016:

% of all tax returns filed: 17%
% of all tax paid: 19%

% of all salaries reported: 6%
% of all unemployment compensation received: 7%
% of all standard deductions claimed: 14%
% of all business income reported: 15%
% of all above-the-line deductions claimed: 16%
% of all alimony received: 16%
% of all IRA deduction amounts: 19%
% of all itemized deductions claimed: 21%
% of all AMT paid: 27%
% of all Gambling winnings reported: 37%
% of all who reported Qualified Dividends: 39%
% of those age 65 and older who itemized deductions: 39%
% of all Long Term Capital Gains reported: 47%
% of all Interest reported as income: 50%
% of all reported Qualified Dividends: 54%
% of all pension income reported: 57%
% of those age 65 and older who took the standard deduction: 61%
% of all municipal bond interest reported: 63%
% of all Taxable IRA withdrawals: 74%
% of all Taxable Social Security Benefits: 88%

I'll bet the % of 65 and older who take the standard deduction will go up significantly when the 2018 SOI data is released in a couple of years. I'd guess it'll go from 61% in 2016 to close to 90% in 2018...but that's just a guess.

Just some fun data

BruceM
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.