Individual Income Tax Filing: Tax Overpayment Refunds
TXOPMTRF • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
113,547,753.00
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.
Related Trends
State Tax Collections: T15 Public Utilities Sales Tax for Tennessee
QTAXT15QTAXCAT3TNNO
Poverty Tax Exemptions for South Dakota
PEXMSD46A647NCEN
State Tax Collections: T12 Insurance Premiums Sales Tax for New Hampshire
QTAXT12QTAXCAT3NHNO
Median Adjusted Gross Income for Alaska
MEDAGIAK2A052NCEN
Median Adjusted Gross Income for New Jersey
MEDAGINJ34A052NCEN
Individual Income Tax Filing: Adjusted Gross Income (AGI): Unemployment Compensation
UMPCPSA
Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Overpayment Refunds (TXOPMTRF), retrieved from FRED.