US Tax information update

Subject Tax Stats Dispatch: 2020 Information Returns, Line Item Estimates (Publication 5385), High-Income Tax Returns, Tax Year 2019, Individual Noncash Charitable Contributions, Tax Year 2020, Notice of Data Revision, Notice of Revised Release Dates

Issue Number:    2023-003

Inside This Issue

  1. 2020 Individual Information Returns, Line Item Estimates (Publication 5385)
  2. High-Income Tax Returns, Tax Year 2019
  3. Noncash Charitable Contributions, Tax Year 2020
  4. Notice of Data Revision
  5. Notice of Revised Release Dates
1.  2020 Individual Information Returns, Line Item Estimates (Publication 5385)

The 2020 Statistics of Income (SOI) Publication 5385, Individual Information Returns, Line Item Estimates, is now available on SOI's Tax Stats webpage. The publication provides estimates of frequencies and amounts of the entries on the lines of the forms filed for selected information returns that accompany the 2020 SOI Individual Complete Report weighted file. The estimates are based on returns filed in Processing Year 2021 that were sampled statistically and then weighted to estimate the entire 2020 Tax Year.

  2.  High-Income Tax Returns, Tax Year 2019

Detailed data on individual income tax returns with adjusted gross income or expanded income greater than $200,000 are now available on SOI's Tax Stats webpage. This annual study also looks at high-income, nontaxable returns (HINTs) and the reason for nontaxability. For 2019, there were just under 9.2 million individual income tax returns with an expanded income of $200,000 or more, accounting for 5.8 percent of all returns for the year. Of these, 7,391 returns had no worldwide income tax liability. This was a 2.6-percent increase over the number of returns with no worldwide income tax liability for 2018. It was only the third increase in the past 10 years, and well below the peak of 19,551 returns for 2009.

  3.  Noncash Charitable Contributions, Tax Year 2020 

 

Five tables presenting data for all individual income tax returns that reported noncash charitable contributions for Tax Year 2020 on Noncash Charitable Contributions (Form 8283) are now available on SOI's Tax Stats webpage. These tables are also based on data reported on U.S. Individual Income Tax Return (Form 1040) and Itemized Deductions (Schedule A). The data detail the number of returns, number of donations, donor's cost, fair market value, and amount carried to Schedule A. Data are categorized by donation type, donor type, size of adjusted gross income, and donor age.

 4.  Notice of Data Revision

Selected items on the Tax Year 2019 Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., in the 2019 Individual Information Returns, Line Item Estimates (Publication 5385), have been updated. Some data items were placed on the wrong lines. In the revision, they have been moved to the correct lines and are now available on SOI's Tax Stats webpage.

5.  Notice of Revised Release Dates
  • April 27: Tax-Exempt Organizations Unrelated Business Income Tax, Tax Year 2017
  • April 27: Individuals, Migration flow data, 2020-2021
  • April 27: Individual Retirement Arrangement (IRA) Information, Tax Year 2020
  • May 18: Individuals, Advance Data, Tax Year 2021

For more information on Federal Taxes please visit IRS.gov.

US TAX, U.S. TAX

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