Individual Income Tax Filing: Itemized Deductions
This dataset tracks individual income tax filing: itemized deductions over time.
Latest Value
45153106.00
Year-over-Year Change
-2.55%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Itemized Deductions trend tracks the total amount of itemized deductions claimed by U.S. taxpayers on their annual income tax returns. This metric provides insight into taxpayer behavior and the cost of certain deductions to the government.
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
Itemized deductions are expenses that taxpayers can subtract from their total income to reduce their taxable liability. This data series represents the aggregate value of all itemized deductions claimed, including mortgage interest, state and local taxes, charitable contributions, and medical expenses.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
Economists and policymakers monitor this trend to understand the impact of the tax code on household finances and government revenues.
Key Facts
- Itemized deductions reduced total taxable income by over $1.4 trillion in 2021.
- The largest deduction categories are state/local taxes, mortgage interest, and charitable contributions.
- Itemized deductions make up about 30% of total individual income tax deductions.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Itemized Deductions trend tracks the total value of itemized deductions claimed by U.S. taxpayers on their annual income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into taxpayer behavior and the cost of certain deductions to the government, which is crucial information for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to understand the impact of the tax code on household finances and government revenues.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of several months, reflecting the tax filing cycle.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Itemized Deductions (IMZDD), retrieved from FRED.