Oh boy, oh boy! Last week the IRS released the 2012 individual statistics of income, known to us tax nerds as Pub 1304. Once again, I curled up on the couch with this 340 page document for a good read. (I am back from the beach already and hunkered down for the extended return filing season.) Here are a few highlights:
- Almost 145 million individual income tax returns were filed for 2012, down slightly from 2011. They reported about $9.1 trillion in total adjusted gross income and a total of about $1.3 trillion in tax liability. About 84% of the returns were filed electronically.
- Approximately 97.2 million returns used the standard deduction.
- Almost 120 million returns reported salaries and wages in the amount of about $6.3 trillion.
- About 1.8 million returns reported about a net $5.5 billion in farm losses.
- About 1.9 million returns reported about $29.2 billion in gambling winnings. It looks like gambling is lot more profitable than farming! Wait a minute, maybe farming is a subset of gambling. That could be a money raiser for the Feds.
- Approximately 4.2 million returns reported alternative minimum tax in the amount of about $32.8 billion.
I could go on and on, excitedly. But I won’t.