Latest IRS Statistics of Income on Individual Tax Returns

The IRS has issued its latest SOI reports, including the 2011 Individual Income Tax Returns (Publication 1304). These are always interesting. This year's data shows that 145 million individual income tax returns were filed in 2011, about 108M showing a taxable income amount, and 95M showing income tax, for total revenues of just over $1 trillion from the individual income tax. Some highlights:

• salary or wage income: 119M returns, $6T
• unemployment comp: 13M returns, $92B
• social security benefits: 25M returns, $490B
• foreign earned income (i.e. residents of other countries): 445K returns, $28B
• gambling earnings: 1.9M returns, $26B

The IRS also issued 2010 Corporation Research Credit Tables, derived from Form 6765, Credit for Increasing Research Activities, and 2010 Corporation Depreciation Data, derived from Form 4562, Depreciation and Amortization.