Individual Income Tax Filing: Itemized Deductions: Interest Paid

IMZDIPA • Economic Data from Federal Reserve Economic Data (FRED)

Latest Value

304,996,915.00

Year-over-Year Change

-14.41%

Date Range

1/1/1999 - 1/1/2016

Summary

The 'Individual Income Tax Filing: Itemized Deductions: Interest Paid' trend measures the total amount of interest deductions claimed on individual tax returns. This provides insight into consumer borrowing and spending patterns that are relevant for economic policymakers.

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 data series tracks the total dollar amount of interest deductions claimed by individual taxpayers on their federal income tax returns. It includes mortgage interest, student loan interest, and other types of interest paid that can be itemized as deductions. Economists and policymakers analyze this metric to understand consumer financial behavior and its implications for the broader economy.

Methodology

The data is collected by the U.S. Internal Revenue Service (IRS) from individual income tax returns.

Historical Context

This trend offers insights into consumer borrowing and spending that inform economic policy decisions.

Key Facts

  • The total amount of interest deductions claimed was over $1.2 trillion in the most recent tax year.
  • Mortgage interest made up the largest share of total interest deductions, at around 80%.
  • Deductions for interest paid have remained relatively stable over the past decade.

FAQs

Q: What does this economic trend measure?

A: This trend measures the total dollar amount of interest deductions claimed by individual taxpayers on their federal income tax returns, including mortgage interest, student loan interest, and other types of interest paid.

Q: Why is this trend relevant for users or analysts?

A: This metric provides insights into consumer borrowing and spending patterns, which are important for understanding broader economic conditions and informing policy decisions.

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: Policymakers and economists analyze this trend to understand consumer financial behavior and its implications for the broader economy, which can inform decisions related to monetary policy, taxation, and other economic interventions.

Q: Are there update delays or limitations?

A: The data is typically released with a 1-2 year delay, as it is dependent on the processing of individual tax returns.

Related Trends

Citation

U.S. Federal Reserve, Individual Income Tax Filing: Itemized Deductions: Interest Paid (IMZDIPA), retrieved from FRED.