Individual Income Tax Filing: Tax Credits: Credit for the Elderly or Disabled
This dataset tracks individual income tax filing: tax credits: credit for the elderly or disabled over time.
Latest Value
60310.00
Year-over-Year Change
-44.11%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Tax Credits: Credit for the Elderly or Disabled' trend measures the total amount of tax credits claimed by elderly or disabled individuals when filing their U.S. federal income taxes. This data provides insights into the financial well-being and tax burden of these vulnerable populations.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'Credit for the Elderly or Disabled' tax credit is a non-refundable federal income tax credit available to individuals aged 65 or older, or those who are permanently and totally disabled. It helps offset the tax burden for this demographic and is an important indicator of their financial situation.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) from individual income tax returns.
Historical Context
This tax credit trend is closely monitored by policymakers and economists to assess the effectiveness of policies supporting the elderly and disabled communities.
Key Facts
- The 'Credit for the Elderly or Disabled' tax credit was first introduced in 1976.
- In 2020, over 2.3 million individual tax returns claimed this credit.
- The average credit amount claimed was $305 in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of tax credits claimed by elderly or disabled individuals when filing their U.S. federal income taxes.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the financial well-being and tax burden of vulnerable populations, such as the elderly and disabled, which is important for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service (IRS) from individual income tax returns.
Q: How is this trend used in economic policy?
A: This tax credit trend is closely monitored by policymakers and economists to assess the effectiveness of policies supporting the elderly and disabled communities.
Q: Are there update delays or limitations?
A: The data is typically released by the IRS with a lag, and may be subject to revisions based on updated tax filing information.
Related News
U.S. Natural Gas Prices Rise Due to Warmer Weather Forecasts
U.S. Natural Gas Prices Surge: Economic and Weather Patterns at Play The current surge in U.S. natural gas prices is reshaping the energy market landscape. Recent weather forecasts, combined with robust economic patterns, are pushing these prices skyward, affecting individuals and industries alike. This uptrend intertwines with broader energy market dynamics, such as climate patterns and economic impacts. Understanding these interconnected factors helps explain the increasingly volatile natural
US 10-year Treasury yield rise signals caution for investors
How the 10-Year Treasury Yield Surge Impacts Investors and the Fixed-Income Market The 10-year Treasury yield has surged past the 4% mark, capturing the attention of investors and markets alike. This rise is not just a random development; it signals broader shifts in the economic landscape, influencing everything from bond markets to investor strategies. When the 10-year Treasury yield shifts, it sends a ripple effect through financial ecosystems, underscoring its role as a critical economic in
U.S. Stock Futures Stagnant Despite Positive Jobless Claims and GDP
Why US Stock Futures Remain Stagnant Despite Positive Economic Indicators The current investment landscape is puzzling for many as US stock futures struggle to show a definite trend despite favorable economic signals. These signals, such as jobless claims and Q2 GDP figures, suggest a healthy economy. Given the roles of the stock market and the Federal Reserve's decisions on rate hikes, it is surprising to witness this stagnation. Inflation trends and the Fed's signals about future policies pla
U.S. Home Sales Decline In August Due To High Prices
August 2023 U.S. Home Sales Decline Amid Rising Mortgage Rates and High Prices In August 2023, U.S. home sales experienced a notable decline, highlighting a distressing trend in the housing market. Homeownership is more costly these days. High home prices and soaring 30 year mortgage rates, combined with limited housing inventory, pose significant challenges for potential buyers and cast a shadow on economic recovery efforts. Many potential homebuyers find themselves increasingly priced out of
U.S. jobless claims decline to lowest level since mid-July
U.S. Jobless Claims Drop: A Positive Sign for Economic Growth The U.S. economy is signaling a positive turn as the initial jobless claims have dropped to their lowest level since mid-July, suggesting a more resilient labor market. This decline in jobless claims is not just a number; it reflects crucial dynamics in the U.S. economy and employment landscape. As people file fewer claims for unemployment benefits, it suggests a strengthening employment market and a recovering economy. Also, the cur
U.S. Trade Deficit Decreases As Businesses Anticipate Tariff Hikes
U.S. Trade Deficit Reaches Two-Year Low Amid Anticipated Tariff Hikes The recent announcement that the U.S. trade deficit has reached a two-year low signals significant developments for the national economy. This change may, in part, be influenced by the anticipation of tariff hikes, which are affecting trade patterns. As this event unfolds, it has implications for the U.S. GDP, underscoring the importance of reducing the trade deficit. Trade tensions have long shaped the global economic landsc
Similar CFEAD Trends
Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Credits: Credit for the Elderly or Disabled (CFEAD), retrieved from FRED.