High Income Tax Returns 2001[966]

Table 7.--Individual Income Tax Returns With and Without U.S. Income Tax and With Income of $200,000 or More Under Alternative Concepts: Number of Returns and Percentages Classified by Item With the Largest Tax Effect and by Item With the Second Largest Tax Effect, Tax Year 2001 [All figures are estimates based on samples] Item with the largest tax effect Total Item with the second largest tax effect Number of returns (1) Returns with U.S. income tax Returns with adjusted gross income of $200,000 or more Total................................................................................. 2,481,841 100.0 34.5 2.2 32.7 19.6 0.3 [2] 3.9 1.0 0.3 1.0 1.6 2.8 647,800 -7,382 554,694 60,468 854 8 17,553 588 492 992 4,619 150 26.1 -1.1 85.6 9.3 0.1 [2] 2.7 0.1 0.1 0.2 0.7 [2] 39,670 8,419 -20,221 5,311 42 -1,578 802 714 875 1,538 170 1.6 21.2 -51.0 13.4 0.1 -4.0 2.0 1.8 2.2 3.9 0.4 1,318,807 752,222 34,439 -398,455 4,951 166 62,292 13,937 4,957 14,212 24,432 8,743 Percentage of total (2) Number of returns (3) Interest paid deduction Percentage of total (4) Investment interest expense deduction [1] Number of returns (5) Percentage of total (6) Number of returns (7) Taxes paid deduction Interest paid deduction................................................................................. 857,005 Investment interest expense deduction [1]................................................................................. 55,796 Taxes paid deduction.................................................................................811,465 Charitable contributions deduction................................................................................. 486,484 Medical and dental expense deduction................................................................................. 8,087 Net casualty or theft loss deduction................................................................................. 222 Total miscellaneous deductions................................................................................. 96,108 Foreign tax credit................................................................................. 23,856 General business credit.................................................................................8,090 All other tax credits................................................................................. 25,350 Partnership and S corporation net losses................................................................................. 40,274 No second largest item................................................................................. 9,105 6 Returns with expanded income of $200,000 or more Total................................................................................. 2,530,086 100.0 33.4 5.3 33.5 18.1 0.3 [2] 1.3 641,455 -4,720 561,065 65,762 854 8 1,493 25.4 -0.7 87.5 10.3 0.1 [2] 0.2 --------- --------- 1,265,823 751,814 92,724 -344,797 3,935 165 14,860 Interest paid deduction................................................................................. 844,308 Tax-exempt interest [3]................................................................................. 133,152 Taxes paid deduction.................................................................................848,757 Charitable contributions deduction................................................................................. 457,800 Medical and dental expense deduction................................................................................. 7,844 Net casualty or theft loss deduction................................................................................. 236 Total miscellaneous deductions................................................................................. 33,086 Foreign tax credit................................................................................. 39,572 1.6 0.3 0.9 1.7 0.9 2.7 408 542 841 5,490 122 151 0.1 0.1 0.1 0.9 [2] [2] ------- ------- 9,877 4,169 12,982 20,563 288 9,648 General business credit.................................................................................8,185 All other tax credits................................................................................. 22,321 Partnership and S corporation net losses................................................................................. 42,015 Foreign-earned income exclusion [3]................................................................................. 23,779 No second largest item................................................................................. 9,030 6 Footnotes at end of table. Item with the largest tax effect--continued Taxes paid deduction Percentage of total (8) 53.1 57.0 2.6 -30.2 0.4 [2] 4.7 1.1 0.4 1.1 1.9 0.7 50.0 59.4 7.3 -27.2 0.3 [2] 1.2 0.8 0.3 1.0 1.6 [2] 0.8 Table 7.--Individual Income Tax Returns With and Without U.S. Income Tax and With Income of $200,000 or More Under Alternative Concepts: Number of Returns and Percentages Classified by Item With the Largest Tax Effect and by Item With the Second Largest Tax Effect, Tax Year 2001--Continued [All figures are estimates based on samples] Item with the largest tax effect--continued Charitable contributions Item with the second largest tax effect Number of returns (9) Returns with U.S. income tax Returns with adjusted gross income of $200,000 or more Total................................................................................. 202,470 8.2 22.5 2.4 65.2 -0.8 -4.5 0.3 0.4 0.5 2.2 1.1 13,264 1,282 204 7,602 1,634 --2,405 54 -83 --0.5 9.7 1.5 57.3 12.3 --18.1 0.4 -0.6 --1,234 485 56 156 380 --157 -----[2] 39.3 4.5 12.7 30.8 --12.8 -----deduction Percentage of total (10) Medical and dental expense deduction Number of returns (11) Percentage of total (12) Number of returns (13) Net casualty or theft loss deduction Percentage of total (14) Interest paid deduction................................................................................. 5,533 4 Investment interest expense deduction [1]................................................................................. 4,900 Taxes paid deduction.................................................................................132,073 Charitable contributions deduction................................................................................. -Medical and dental expense deduction................................................................................. 1,573 Net casualty or theft loss deduction................................................................................. -Total miscellaneous deductions................................................................................. 9,177 Foreign tax credit................................................................................. 636 General business credit................................................................................. 785 All other tax credits................................................................................. 1,017 Partnership and S corporation net losses................................................................................. 4,495 No second largest item................................................................................. 2,281 Returns with expanded income of $200,000 or more Total................................................................................. 190,810 7.5 25.6 7.8 59.1 -0.4 -2.1 12,476 1,322 2,184 5,607 1,246 --2,018 0.5 10.6 17.5 44.9 10.0 --16.2 1,231 485 93 83 416 --154 [2] 39.4 7.6 6.7 33.8 --12.5 Interest paid deduction................................................................................. 8,888 4 Tax-exempt interest [3]................................................................................. 4,839 1 Taxes paid deduction.................................................................................112,711 Charitable contributions deduction................................................................................. -Medical and dental expense deduction................................................................................. 851 Net casualty or theft loss deduction................................................................................. -Total miscellaneous deductions................................................................................. 3,937 Foreign tax credit................................................................................. 463 0.2 0.8 0.5 2.4 [2] 1.0 4 -83 -12 -- [2] -0.7 -0.1 -- ------- ------- General business credit.................................................................................1,485 All other tax credits................................................................................. 897 Partnership and S corporation net losses................................................................................. 4,660 Foreign-earned income exclusion [3]................................................................................. 90 No second largest item................................................................................. 1,989 Footnotes at end of table. Table 7.--Individual Income Tax Returns With and Without U.S. Income Tax and With Income of $200,000 or More Under Alternative Concepts: Number of Returns and Percentages Classified by Item With the Largest Tax Effect and by Item With the Second Largest Tax Effect, Tax Year 2001--Continued [All figures are estimates based on samples] Item with the largest tax effect--continued Total miscellaneous Item with the second largest tax effect Number of returns (15) Returns with U.S. income tax Returns with adjusted gross income of $200,000 or more Total................................................................................. 65,775 2.7 30.8 1.9 51.1 11.5 0.6 --0.5 [2] 1.0 2.2 0.4 67,042 7,783 1,127 13,922 2,351 30 -1,261 -223 4,463 2,222 33,659 2.7 11.6 1.7 20.8 3.5 [2] -1.9 -0.3 6.7 3.3 50.2 8,668 1,665 444 3,298 509 -40 69 702 -538 441 961 0.3 19.2 5.1 38.0 5.9 -0.5 0.8 8.1 -6.2 5.1 11.1 39,367 4,811 1,235 11,380 2,164 163 -177 3,000 144 -1,052 15,240 deductions Percentage of total (16) Number of returns (17) Foreign tax credit Percentage of total (18) Number of returns (19) General business credit Percentage of total (20) Number of returns (21) All other tax credits Interest paid deduction................................................................................. 0,243 2 Investment interest expense deduction [1]................................................................................. 1,274 Taxes paid deduction................................................................................. 33,590 Charitable contributions deduction................................................................................. 7,534 Medical and dental expense deduction................................................................................. 397 Net casualty or theft loss deduction................................................................................. -Total miscellaneous deductions................................................................................. -Foreign tax credit................................................................................. General business credit................................................................................. All other tax credits................................................................................. 359 19 648 Partnership and S corporation net losses................................................................................. 1,474 No second largest item................................................................................. Returns with expanded income of $200,000 or more Total................................................................................. 10,940 237 0.4 16.6 20.2 40.0 19.7 0.5 --- 59,912 3,712 3,922 10,149 1,299 4 -465 2.4 6.2 6.5 16.9 2.2 [2] -0.8 8,670 1,742 1,419 2,940 644 -40 18 0.3 20.1 16.4 33.9 7.4 -0.5 0.2 37,855 5,194 2,265 11,531 1,574 155 -12 Interest paid deduction................................................................................. 1,821 Tax-exempt interest [3]................................................................................. 2,210 Taxes paid deduction................................................................................. 4,377 Charitable contributions deduction................................................................................. 2,157 Medical and dental expense deduction................................................................................. 53 Net casualty or theft loss deduction................................................................................. -Total miscellaneous deductions................................................................................. -- Foreign tax credit................................................................................. General business credit................................................................................. All other tax credits................................................................................. 81 9 18 0.7 0.1 0.2 1.4 0.2 0.3 -101 830 1,429 23,124 14,879 -0.2 1.4 2.4 38.6 24.8 403 -468 466 -531 4.6 -5.4 5.4 -6.1 2,169 107 -955 22 13,873 Partnership and S corporation net losses................................................................................. 158 Foreign-earned income exclusion [3]................................................................................. 22 No second largest item................................................................................. Footnotes at end of table. 36 Item with the largest tax effect--continued All other tax credits Percentage of total (22) 1.6 12.2 3.1 28.9 5.5 0.4 -0.4 7.6 0.4 -2.7 38.7 1.5 13.7 6.0 30.5 4.2 0.4 -[2] 5.7 0.3 -2.5 0.1 36.6 Table 7.--Individual Income Tax Returns With and Without U.S. Income Tax and With Income of $200,000 or More Under Alternative Concepts: Number of Returns and Percentages Classified by Item With the Largest Tax Effect and by Item With the Second Largest Tax Effect, Tax Year 2001--Continued [All figures are estimates based on samples] Item with the largest tax effect--continued Partnership and S Item with the second largest tax effect corporation net losses Number of returns (23) Returns with U.S. income tax Returns with adjusted gross income of $200,000 or more Total................................................................................. 77,744 3.1 18.7 6.1 44.4 9.9 0.1 [2] 1.9 4.9 1.0 3.2 -9.9 ----------------------------------------------------Percentage of total (24) Foreign-earned income exclusion [3] Number of returns (25) Percentage of total (26) Number of returns (27) Tax-exempt interest [3] Percentage of total (28) Interest paid deduction................................................................................. 14,563 Investment interest expense deduction [1]................................................................................. 4,734 Taxes paid deduction................................................................................. 34,528 Charitable contributions deduction................................................................................. 7,677 Medical and dental expense deduction................................................................................. 77 Net casualty or theft loss deduction................................................................................. 8 Total miscellaneous deductions................................................................................. 1,440 Foreign tax credit................................................................................. 3,777 General business credit................................................................................. 56 7 All other tax credits................................................................................. 2,522 Partnership and S corporation net losses................................................................................. -No second largest item................................................................................. 7,662 Returns with expanded income of $200,000 or more Total................................................................................. 74,093 2.9 19.9 10.1 44.1 9.8 0.1 [2] 1.1 14,916 1,042 1,258 1,953 300 24 12 106 0.6 7.0 8.4 13.1 2.0 0.2 0.1 0.7 211,904 13,538 -105,645 32,346 1,859 3 9,213 8.4 6.4 -49.9 15.3 0.9 [2] 4.3 Interest paid deduction................................................................................. 14,751 Tax-exempt interest [3]................................................................................. 7,519 Taxes paid deduction................................................................................. 32,699 Charitable contributions deduction................................................................................. 7,260 Medical and dental expense deduction................................................................................. 110 Net casualty or theft loss deduction................................................................................. 8 Total miscellaneous deductions................................................................................. 809 Foreign tax credit................................................................................. 1,676 2.3 0.8 3.5 -0.1 8.2 9,005 21 330 60 -806 60.4 0.1 2.2 0.4 -5.4 15,487 1,188 3,290 8,234 54 21,048 7.3 0.6 1.6 3.9 [2] 9.9 General business credit................................................................................. 64 5 All other tax credits................................................................................. 2,583 Partnership and S corporation net losses................................................................................. -Foreign-earned income exclusion [3]................................................................................. 45 No second largest item................................................................................. 6,069 Footnotes at end of table. Table 7.--Individual Income Tax Returns With and Without U.S. Income Tax and With Income of $200,000 or More Under Alternative Concepts: Number of Returns and Percentages Classified by Item With the Largest Tax Effect and by Item With the Second Largest Tax Effect, Tax Year 2001--Continued [All figures are estimates based on samples] Item with the largest tax effect Total Item with the second largest tax effect Number of returns (1) Returns without U.S. income tax Returns with adjusted gross income of $200,000 or more Total................................................................................. Interest paid deduction................................................................................. 3,385 665 100.0 19.6 12.1 27.3 14.6 1.3 0.2 5.8 0.7 0.3 3.5 8.4 6.2 83 -19 32 18 ** ** 3 --** 3 -2.5 -22.9 38.6 21.7 ** ** 3.6 --** 3.6 -703 124 -139 177 10 -60 ** ** 7 168 6 20.8 17.6 -19.8 25.2 1.4 -8.5 ** ** 1.0 23.9 0.9 141 29 23 -20 ** -14 --43 9 ** Percentage of total (2) Number of returns (3) Interest paid deduction Percentage of total (4) Investment interest expense deduction [1] Number of returns (5) Percentage of total (6) Number of returns (7) Taxes paid deduction Investment interest expense deduction [1]................................................................................. 409 Taxes paid deduction................................................................................. 923 Charitable contributions deduction................................................................................. 495 Medical and dental expense deduction................................................................................. 44 Net casualty or theft loss deduction................................................................................. 6 Total miscellaneous deductions................................................................................. 197 Foreign tax credit................................................................................. General business credit................................................................................. All other tax credits................................................................................. 24 10 118 Partnership and S corporation net losses................................................................................. 285 No second largest item................................................................................. Returns with expanded income of $200,000 or more Total................................................................................. Interest paid deduction................................................................................. Tax-exempt interest [3]................................................................................. 4,910 680 590 209 100.0 13.9 12.0 24.0 11.5 10.5 0.1 6.7 77 -8 35 19 3 -** 1.6 -10.4 45.5 24.7 3.9 -** --------- --------- 186 26 72 -23 ** -9 Taxes paid deduction................................................................................. 1,178 Charitable contributions deduction................................................................................. 565 Medical and dental expense deduction................................................................................. 515 Net casualty or theft loss deduction................................................................................. 7 Total miscellaneous deductions................................................................................. 329 Foreign tax credit................................................................................. General business credit................................................................................. All other tax credits................................................................................. 117 6 113 2.4 0.1 2.3 8.9 4.5 3.1 --5 ** ** -- --6.5 ** ** -- ------- ------- --44 9 -** Partnership and S corporation net losses................................................................................. 436 Foreign-earned income exclusion [3]................................................................................. 220 No second largest item................................................................................. Footnotes at end of table. 154 Item with the largest tax effect--continued Taxes paid deduction Percentage of total (8) 4.2 20.6 16.3 -14.2 ** -9.9 --30.5 6.4 ** 3.8 14.1 38.9 -12.4 ** -4.9 --23.8 4.9 -** Table 7.--Individual Income Tax Returns With and Without U.S. Income Tax and With Income of $200,000 or More Under Alternative Concepts: Number of Returns and Percentages Classified by Item With the Largest Tax Effect and by Item With the Second Largest Tax Effect, Tax Year 2001--Continued [All figures are estimates based on samples] Item with the largest tax effect--continued Charitable contributions Item with the second largest tax effect Number of returns (9) Returns without U.S. income tax Returns with adjusted gross income of $200,000 or more Total................................................................................. 129 3.8 23.3 34.1 5.4 -12.4 -13.2 ** ** 7.0 3.1 -250 10 6 50 115 --63 --** ** -7.4 4.0 2.4 20.0 46.0 --25.2 --** ** -138 47 14 39 25 ** -6 ---** ** 4.1 34.1 10.1 28.3 18.1 ** -4.3 ---** ** deduction Percentage of total (10) Medical and dental expense deduction Number of returns (11) Percentage of total (12) Number of returns (13) Net casualty or theft loss deduction Percentage of total (14) Interest paid deduction................................................................................. 30 Investment interest expense deduction [1]................................................................................. 44 Taxes paid deduction................................................................................. 7 Charitable contributions deduction................................................................................. -Medical and dental expense deduction................................................................................. 16 Net casualty or theft loss deduction................................................................................. -Total miscellaneous deductions................................................................................. 17 Foreign tax credit................................................................................. ** General business credit................................................................................. ** All other tax credits................................................................................. 9 Partnership and S corporation net losses................................................................................. 4 No second largest item................................................................................. Returns with expanded income of $200,000 or more Total................................................................................. 153 -- 3.1 21.6 13.1 19.0 -11.8 -13.1 486 12 269 36 109 --53 9.9 2.5 55.3 7.4 22.4 --10.9 136 48 21 37 20 ** -** 2.8 35.3 15.4 27.2 14.7 ** -** Interest paid deduction................................................................................. 33 Tax-exempt interest [3]................................................................................. 20 Taxes paid deduction................................................................................. 29 Charitable contributions deduction................................................................................. -Medical and dental expense deduction................................................................................. 18 Net casualty or theft loss deduction................................................................................. -Total miscellaneous deductions................................................................................. 20 Foreign tax credit................................................................................. ** ** ** 7.2 12.4 --- --4 ** ** -- --0.8 ** ** -- ---4 -** ---2.9 -** General business credit................................................................................. ** All other tax credits................................................................................. 11 Partnership and S corporation net losses................................................................................. 19 Foreign-earned income exclusion [3]................................................................................. -No second largest item................................................................................. Footnotes at end of table. -- Table 7.--Individual Income Tax Returns With and Without U.S. Income Tax and With Income of $200,000 or More Under Alternative Concepts: Number of Returns and Percentages Classified by Item With the Largest Tax Effect and by Item With the Second Largest Tax Effect, Tax Year 2001--Continued [All figures are estimates based on samples] Item with the largest tax effect--continued Total miscellaneous Item with the second largest tax effect Number of returns (15) Returns without U.S. income tax Returns with adjusted gross income of $200,000 or more Total................................................................................. 620 18.3 27.6 4.8 31.3 9.5 ** ** --** 0.5 11.0 13.1 153 27 9 5 ** --** --19 5 80 4.5 17.7 5.9 3.3 ** --** --12.4 3.3 52.3 4 ** --** ------** -0.1 ** --** ------** -842 208 90 422 39 --** 12 ** -22 40 deductions Percentage of total (16) Number of returns (17) Foreign tax credit Percentage of total (18) Number of returns (19) General business credit Percentage of total (20) Number of returns (21) All other tax credits Interest paid deduction................................................................................. 171 Investment interest expense deduction [1]................................................................................. 30 Taxes paid deduction................................................................................. 194 Charitable contributions deduction................................................................................. 59 Medical and dental expense deduction................................................................................. ** Net casualty or theft loss deduction................................................................................. ** Total miscellaneous deductions................................................................................. -Foreign tax credit................................................................................. -- General business credit................................................................................. ** All other tax credits................................................................................. 3 Partnership and S corporation net losses................................................................................. 68 No second largest item................................................................................. 81 Returns with expanded income of $200,000 or more Total................................................................................. Interest paid deduction................................................................................. Tax-exempt interest [3]................................................................................. Taxes paid deduction................................................................................. 66 ** ** 12 1.3 ** ** 18.2 28.8 ** ** -- 241 8 ** ** ** ---- 4.9 3.3 ** ** ** ---- 4 ** --** ---- 0.1 ** --** ---- 836 233 31 447 43 --** Charitable contributions deduction................................................................................. 19 Medical and dental expense deduction................................................................................. ** Net casualty or theft loss deduction................................................................................. ** Total miscellaneous deductions................................................................................. -- Foreign tax credit................................................................................. -- ---6.1 ** -- --** 4 211 12 --** 1.7 87.5 5.0 ---** --- ---** --- 8 --25 ** 42 General business credit................................................................................. -All other tax credits................................................................................. -- Partnership and S corporation net losses................................................................................. 4 Foreign-earned income exclusion [3]................................................................................. ** No second largest item................................................................................. Footnotes at end of table. -- Item with the largest tax effect--continued All other tax credits Percentage of total (22) 24.9 24.7 10.7 50.1 4.6 --** 1.4 ** -2.6 4.8 17.0 27.9 3.7 53.5 5.1 --** 1.0 --3.0 ** 5.0 Table 7.--Individual Income Tax Returns With and Without U.S. Income Tax and With Income of $200,000 or More Under Alternative Concepts: Number of Returns and Percentages Classified by Item With the Largest Tax Effect and by Item With the Second Largest Tax Effect, Tax Year 2001--Continued [All figures are estimates based on samples] Item with the largest tax effect--continued Partnership and S Item with the second largest tax effect corporation net losses Number of returns (23) Returns without U.S. income tax Returns with adjusted gross income of $200,000 or more Total................................................................................. 322 9.5 ** 54.0 10.9 11.2 ** ** 7.1 ** 0.9 8.7 ------------------------------------------------------Percentage of total (24) Foreign-earned income exclusion [3] Number of returns (25) Percentage of total (26) Number of returns (27) Tax-exempt interest [3] Percentage of total (28) Interest paid deduction................................................................................. ** Investment interest expense deduction [1]................................................................................. 174 Taxes paid deduction................................................................................. 35 Charitable contributions deduction................................................................................. 36 Medical and dental expense deduction................................................................................. ** Net casualty or theft loss deduction................................................................................. ** Total miscellaneous deductions................................................................................. 23 Foreign tax credit................................................................................. ** General business credit................................................................................. 3 All other tax credits................................................................................. 28 Partnership and S corporation net losses................................................................................. -No second largest item................................................................................. -Returns with expanded income of $200,000 or more Total................................................................................. 292 5.9 3.8 50.7 13.7 14.4 ** ** 5.5 125 16 -** ** --** 2.5 12.8 -** ** --** 2,308 284 -539 285 486 3 220 47.0 12.3 -23.4 12.3 21.1 0.1 9.5 Interest paid deduction.................................................................................11 Tax-exempt interest [3]................................................................................. 148 Taxes paid deduction................................................................................. 40 Charitable contributions deduction................................................................................. 42 Medical and dental expense deduction................................................................................. ** Net casualty or theft loss deduction................................................................................. ** Total miscellaneous deductions................................................................................. 16 Foreign tax credit................................................................................. ** ** ** 8.9 ---- 103 -** ---- 82.4 -** ---- ** ** 21 366 ** 97 ** ** 0.9 15.9 ** 4.2 General business credit.................................................................................** All other tax credits................................................................................. 26 Partnership and S corporation net losses................................................................................. -Foreign-earned income exclusion [3]................................................................................. -No second largest item................................................................................. -- ** Data deleted to avoid disclosure of information for specific taxpayers. However, deleted data are included in the appropriate totals. [1] Investment interest expense deduction only has an effect when using the adjusted gross income concept. [2] Less than 0.05 percent. [3] Tax-exempt interest and foreign-earned income exclusion only have an effect when using the expanded income concept. NOTES: Detail may not add to totals because of rounding. Total columns do not include returns with no tax effect. Source: IRS Statistics of Income Bulletin, Summer 2004, Publication 1136 (Rev. 09-2004.)