Individual Income Tax Filing: Form 1040 Returns
This dataset tracks individual income tax filing: form 1040 returns over time.
Latest Value
86489019.00
Year-over-Year Change
7.30%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Form 1040 Returns trend tracks the number of individual income tax returns filed with the Internal Revenue Service (IRS) using Form 1040. This metric is an important indicator of economic and taxpayer activity.
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 Form 1040 Returns series measures the total number of individual income tax returns filed with the IRS each year. This data provides insight into the scale and trends of individual income and tax compliance, which are crucial factors for economic policymakers and analysts.
Methodology
The data is collected directly from IRS administrative records of individual income tax filings.
Historical Context
This trend is widely used by economists, policymakers, and financial analysts to assess the state of personal income, consumer behavior, and compliance with the U.S. tax system.
Key Facts
- The total number of Form 1040 returns filed in 2021 was 169 million.
- The trend has shown steady growth over the past decade, reflecting increasing individual income and economic activity.
- Form 1040 is the standard tax return for most U.S. individual taxpayers.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Form 1040 Returns trend tracks the total number of individual income tax returns filed with the IRS each year using the standard Form 1040.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the scale and trends of individual income, tax compliance, and overall economic activity, which are crucial factors for economic policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is collected directly from IRS administrative records of individual income tax filings.
Q: How is this trend used in economic policy?
A: The Form 1040 Returns trend is widely used by economists, policymakers, and financial analysts to assess the state of personal income, consumer behavior, and compliance with the U.S. tax system.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of several months, reflecting the timeline of individual tax filing and IRS processing.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Form 1040 Returns (RT1040FRM), retrieved from FRED.