Individual Income Tax Filing: Itemized Deductions: Charitable Contributions
This dataset tracks individual income tax filing: itemized deductions: charitable contributions over time.
Latest Value
233867289.00
Year-over-Year Change
41.25%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Itemized Deductions: Charitable Contributions trend tracks the total value of charitable deductions claimed on individual tax returns in the United States. This metric is a key indicator of household-level philanthropy and can inform policymakers on the impacts of tax policy changes.
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
This series represents the total dollar amount of charitable contributions claimed as itemized deductions on individual income tax returns filed with the Internal Revenue Service. It provides insight into the scale and patterns of charitable giving by U.S. households, which is influenced by tax incentives and broader economic conditions.
Methodology
The data is collected and published annually by the U.S. Internal Revenue Service based on tax return filings.
Historical Context
Policymakers and economists analyze this trend to understand the effects of tax policy on household charitable giving and the broader nonprofit sector.
Key Facts
- Charitable contributions account for over $200 billion in annual itemized deductions.
- Itemized charitable deductions make up around 3% of total individual income tax filings.
- The value of charitable deductions fluctuates with changes in tax policy and economic conditions.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the total dollar value of charitable contributions claimed as itemized deductions on individual income tax returns in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into household-level charitable giving, which is influenced by tax incentives and broader economic conditions. It is useful for policymakers and economists analyzing the impacts of tax policy on the nonprofit sector.
Q: How is this data collected or calculated?
A: The data is collected and published annually by the U.S. Internal Revenue Service based on information from individual income tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to understand the effects of tax policy on household charitable giving and the broader nonprofit sector.
Q: Are there update delays or limitations?
A: The data is published annually with a delay, reflecting the timeframe for individual tax return filings and IRS data processing.
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Citation
U.S. Internal Revenue Service, Individual Income Tax Filing: Itemized Deductions: Charitable Contributions (IMZDCTCA), retrieved from FRED.