Individual Income Tax Filing: Tax Overpayment Refunds
This dataset tracks individual income tax filing: tax overpayment refunds over time.
Latest Value
113547753.00
Year-over-Year Change
12.79%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Tax Overpayment Refunds series tracks the total amount of refunds issued to U.S. taxpayers who overpaid their federal income taxes during the filing process.
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 indicator provides insight into the level of tax overpayment by individuals and the subsequent refunds issued by the Internal Revenue Service. It is a key measure of household financial conditions and consumer behavior.
Methodology
The data is collected and reported by the U.S. Department of the Treasury.
Historical Context
Policymakers and economists analyze this trend to assess the impact of tax policy and household cash flow.
Key Facts
- Tax overpayment refunds totaled $312 billion in 2021.
- The average tax refund was $2,873 in 2021.
- Refunds have increased by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Tax Overpayment Refunds series tracks the total dollar amount of refunds issued to U.S. taxpayers who paid more in federal income taxes than they owed.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into household financial conditions and consumer behavior, as tax refunds represent a significant source of cash flow for many U.S. households.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Department of the Treasury based on tax filing and refund information.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the impact of tax policy and understand its effects on household finances and consumer spending.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as additional tax filing information becomes available.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Overpayment Refunds (TXOPMTRF), retrieved from FRED.