Individual Income Tax Filing: Total Deductions
Number of Returns
DDNOR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
148,166,201.00
Year-over-Year Change
13.67%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Number of Returns' measures the total number of individual income tax returns filed with the Internal Revenue Service (IRS) each year. This metric is a key indicator of overall economic activity and taxpayer compliance.
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 Number of Returns tracks the total volume of individual tax filings, providing insights into broader economic trends such as employment, income levels, and tax policy changes. It is a widely-referenced statistic for economists, policymakers, and tax administrators.
Methodology
The data is collected annually by the IRS through the processing of individual income tax returns.
Historical Context
This metric helps inform decisions around tax policy, revenue forecasting, and resource allocation for government agencies.
Key Facts
- The Number of Returns reached a high of 150.3 million in 2018.
- In 2020, the Number of Returns declined to 141.8 million due to the economic impacts of the COVID-19 pandemic.
- The Number of Returns has grown by an average of 1.3% per year over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Number of Returns tracks the total volume of individual income tax returns filed with the IRS each year.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into broader economic activity, employment, and tax compliance trends that are valuable for policymakers, economists, and tax administrators.
Q: How is this data collected or calculated?
A: The data is collected annually by the IRS through the processing of individual income tax returns.
Q: How is this trend used in economic policy?
A: The Number of Returns helps inform decisions around tax policy, revenue forecasting, and resource allocation for government agencies.
Q: Are there update delays or limitations?
A: The data is published annually with a slight delay as the IRS processes individual tax returns.
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Citation
U.S. Federal Reserve, Number of Returns (DDNOR), retrieved from FRED.