Individual Income Tax Filing: Returns of Heads of Households
This dataset tracks individual income tax filing: returns of heads of households over time.
Latest Value
21659639.00
Year-over-Year Change
10.24%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Returns of Heads of Households' metric tracks the number of income tax returns filed by household heads, providing insights into individual income and tax compliance.
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 economic trend represents the total number of individual income tax returns filed by taxpayers who qualify as 'heads of households' under U.S. tax code. It offers valuable data on the filing behavior and income levels of this specific demographic segment.
Methodology
The data is collected by the Internal Revenue Service (IRS) through its annual individual income tax return processing.
Historical Context
This metric is widely used by economists, policymakers, and tax authorities to analyze income trends, tax compliance, and the economic well-being of American households.
Key Facts
- The number of head of household tax returns filed reached a high of 26.7 million in 2019.
- Head of household filing status allows for a higher standard deduction and lower tax rates compared to single filers.
- The head of household designation applies to unmarried individuals who provide a home for a qualifying child or other dependent.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of individual income tax returns filed by taxpayers who qualify as 'heads of households' under the U.S. tax code.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable data on the income levels, tax compliance, and economic well-being of a specific demographic segment of American households, making it important for economists, policymakers, and tax authorities.
Q: How is this data collected or calculated?
A: The data is collected by the Internal Revenue Service (IRS) through its annual individual income tax return processing.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and tax authorities to analyze income trends, tax compliance, and the economic well-being of American households, informing policy decisions.
Q: Are there update delays or limitations?
A: The data is published annually by the IRS, with some delay in reporting due to the nature of tax return processing.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Returns of Heads of Households (RTHOHH), retrieved from FRED.