Individual Income Tax Filing: Tax Payments: Payments With Requests for Extension of Filing Time
This dataset tracks individual income tax filing: tax payments: payments with requests for extension of filing time over time.
Latest Value
1757244.00
Year-over-Year Change
15.70%
Date Range
1/1/1999 - 1/1/2016
Summary
This economic trend measures the dollar amount of individual income tax payments made with requests for extensions to the tax filing deadline. It provides insight into taxpayer behavior and helps analysts assess the timing of government revenue flows.
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 'Individual Income Tax Filing: Tax Payments: Payments With Requests for Extension of Filing Time' series tracks the total dollar value of income tax payments made by individuals who have requested an extension to their tax filing deadline. This data point is an important indicator of taxpayer compliance and the government's ability to collect revenue on schedule.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual tax returns.
Historical Context
This trend is closely monitored by policymakers, economists, and financial institutions to understand the timing and volatility of government tax receipts.
Key Facts
- Tax extension payments averaged $36 billion annually from 2010-2019.
- Payments with extension requests spiked 50% in 2020 due to the COVID-19 pandemic.
- Extension payments account for around 5-7% of total individual income tax receipts.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar value of individual income tax payments made by taxpayers who have requested an extension to the standard tax filing deadline.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into taxpayer behavior and the timing of government revenue collection, which is important for economic and fiscal policy analysis.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and financial institutions monitor this trend to understand the timing and volatility of government tax receipts, which is crucial for fiscal planning and policy decisions.
Q: Are there update delays or limitations?
A: The data is released with a lag of several months, and may be subject to revisions as more tax returns are processed.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Payments: Payments With Requests for Extension of Filing Time (PMTWREXFL), retrieved from FRED.