Table 6.--1997, Individual Income Tax Returns With and Without Worldwide Income Tax and With Income of $200,000 or More Under Alternative Concepts: Income, Deductions, Credits, and Tax, by Tax Status
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Total Income concept, item Number of returns (1) Amount
(2) Adjusted Gross Income Concept Salaries and wages............................................................................................................. 1,527,443 444,315,969 Business or profession: Net income............................................................................................................. 394,251 42,440,772 Net loss.............................................................................................................113,853 2,382,650 Farm: Net income............................................................................................................. 14,203 925,438 Net loss............................................................................................................. 43,920 1,832,505 Partnership and S Corporation net income (loss) after section 179 property deduction: [1] Net income............................................................................................................. 666,117 154,363,779 Net loss.............................................................................................................230,871 15,770,501 Sales of capital assets: Net gain............................................................................................................. 1,269,936 245,220,190 Net loss.............................................................................................................253,580 607,542 Sales of property other than capital assets: Net gain............................................................................................................. 90,232 2,073,160 Net loss.............................................................................................................137,388 1,819,464 Taxable interest received............................................................................................................. 1,771,174 45,595,486 Tax-exempt interest received............................................................................................................. 710,551 22,205,855 Dividends............................................................................................................. 1,545,239 44,948,191 Pensions and annuities in adjusted gross income............................................................................................................. 335,439 12,319,649 Rent: Net income............................................................................................................. 320,578 13,075,607 Net loss, total (deductible and nondeductible)............................................................................................................. 232,250 2,578,785 Nondeductible rental loss............................................................................................................. 158,769 1,472,012 Royalty: Net income............................................................................................................. 110,582 3,376,630 Net loss............................................................................................................. 4,253 41,109 Estate or trust: Net income............................................................................................................. 68,301 5,678,462 Net loss............................................................................................................. 7,695 464,069 State income tax refunds............................................................................................................. 826,865 3,752,149 Alimony received............................................................................................................. 2,120 160,172 Social Security benefits in adjusted gross income............................................................................................................. 277,481 4,144,500 Social Security benefits (nontaxable)............................................................................................................. 731,455 277,481 Unemployment compensation............................................................................................................. 15,208 48,435 Other income............................................................................................................. 298,525 9,133,684 Other loss............................................................................................................. 27,452 1,243,924 Foreign-earned income exclusion............................................................................................................. 1,305,578 21,261 Total income............................................................................................................. 1,807,900 1,013,376,242 Statutory adjustments, total............................................................................................................. 820,008 8,885,588 Payments to Individual Retirement Arrangements............................................................................................................. 111,983 385,448 Payments to self-employed retirement (Keogh) plans............................................................................................................. 226,813 3,914,053 Moving expenses adjustment............................................................................................................. 25,245 143,412 Adjusted gross income............................................................................................................. 1,807,900 1,004,490,654 Investment interest expense deduction............................................................................................................. 464,220 10,092,263 Total tax preferences excluded from adjusted gross income............................................................................................................. 724,940 22,610,965 Total alternative minimum tax preference items
Returns with income of $200,000 or more Returns with worldwide income tax Number of Amount returns (3) (4) 1,526,943 394,076 113,719 14,190 43,870 444,224,820 42,426,798 2,308,128 924,950 1,822,243
Returns without worldwide income tax Number of Amount returns (5) (6) 500 175 134 13 50 91,149 13,974 74,522 487 10,263
665,933 230,435 1,269,312 253,320 90,139 137,243 1,770,223 710,197 1,544,439 335,232 320,387 232,044 158,645 110,470 4,248 68,250 7,670 826,509 ** 277,191 277,191 15,203 298,293 27,440 ** 1,806,852 819,639 111,942 226,783 25,242 1,806,852 463,543 724,562
154,347,696 15,467,652 244,873,299 606,809 2,064,858 1,784,509 45,216,339 22,174,880 44,796,890 12,310,572 13,060,224 2,568,645 1,467,936 3,370,741 41,044 5,676,977 455,990 3,744,380 160,088 4,140,511 730,751 48,418 9,116,892 1,241,656 1,305,508 1,012,698,753 8,869,898 385,325 3,913,593 143,388 1,003,828,855 9,625,744 22,574,573
184 436 624 260 93 145 951 354 800 207 191 206 124 112 5 51 25 356 ** 290 290 5 232 12 ** 1,048 369 41 30 3 1,048 677 378
16,083 302,849 346,891 732 8,302 34,956 379,147 30,975 151,300 9,077 15,383 10,140 4,075 5,888 65 1,485 8,079 7,770 84 3,989 704 17 16,792 2,268 70 677,489 15,690 124 461 23 661,799 466,519 36,392
(excluding tax-exempt interest from private activity bonds)............................................................................................................. 29,777 Passive activity loss (alternative minimum tax adjustment)............................................................................................................. 248,840 Expanded income............................................................................................................. 1,807,892
Footnotes at end of table.
417,229 1,188,603 1,016,306,800
29,742 248,603 1,806,852
411,734 1,182,394 1,016,076,263
35 237 1,040
5,495 6,209 230,537
Table 6.--1997, Individual Income Tax Returns With and Without Worldwide Income Tax and With Income of $200,000 or More Under Alternative Concepts: Income, Deductions, Credits, and Tax, by Tax Status--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Total Income concept, item Number of returns (1) Amount
(2) Adjusted Gross Income Concept -- Continued Exemption amount............................................................................................................. 881,099 3,567,380 Itemized deductions: Total per adjusted gross income concept............................................................................................................. 1,682,703 115,634,682 Charitable contributions deduction............................................................................................................. 1,620,970 33,393,805 Interest paid deduction: Total per adjusted gross income concept............................................................................................................. 1,392,393 34,896,011 Total home mortgage interest.............................................................................................................24,637,049 1,295,121 Medical and dental expense deduction............................................................................................................. 23,337 630,761 Net casualty or theft loss deduction.............................................................................................................167,418 1,892 Taxes paid deduction............................................................................................................. 1,676,538 60,728,052 Net limited miscellaneous deductions per adjusted gross income concept............................................................................................................. 4,638,855 275,801 Non-limited miscellaneous deductions............................................................................................................. 48,662 1,980,184 Excess of exemptions and deductions over adjusted gross income............................................................................................................. 1,752 536,272 Taxable income............................................................................................................. 1,806,107 884,972,036 Tax at regular rates............................................................................................................. 1,806,159 273,923,938 Income tax before credits............................................................................................................. 1,806,159 274,014,022 Tax credits: Total............................................................................................................. 210,089 1,173,075 Child care credit............................................................................................................. 91,202 45,313 Minimum tax credit............................................................................................................. 52,726 596,268 Foreign tax credit............................................................................................................. --General business credit............................................................................................................. 63,642 404,246 Alternative minimum tax (Form 6251)............................................................................................................. 252,624 2,912,257 Worldwide total income tax............................................................................................................. 1,806,852 276,175,778 Foreign taxes paid............................................................................................................. 458,628 3,437,127 Foreign taxes paid on excluded foreign-earned income (Form 1116)............................................................................................................. 14,987 412,284 Taxable income which would yield: Income tax before credits............................................................................................................. 1,806,159 799,117,063 Income tax after credits............................................................................................................. 1,806,023 797,153,154 Worldwide total income tax............................................................................................................. 1,806,852 804,865,535 Reconciliation of adjusted gross income and expanded income: Adjusted gross income............................................................................................................. 1,807,900 1,004,490,654 plus: Total tax preferences excluded from adjusted gross income [2]............................................................................................................. 724,940 22,610,965 Social Security benefits (nontaxable)............................................................................................................. 277,481 731,455 Foreign-earned income exclusion............................................................................................................. 21,261 1,305,578 minus: Investment interest expense deduction............................................................................................................. 464,220 10,092,263 Non-limited miscellaneous deductions............................................................................................................. 48,662 1,980,184 Unreimbursed employee business expenses............................................................................................................. 315,647 2,739,589 Equals: Expanded income.............................................................................................................1,016,306,800 1,807,892
Returns with income of $200,000 or more Returns with worldwide income tax Number of Amount returns (3) (4) 880,690 1,681,657 1,620,110 1,391,540 1,294,461 23,197 1,807 1,675,577 275,449 48,430 876 1,805,976 1,806,023 1,806,023 209,953 91,196 52,606 -63,624 252,624 1,806,852 458,628 14,987 1,806,023 1,806,023 1,806,852 3,566,018 114,773,274 33,306,551 34,386,968 24,594,664 603,875 118,864 60,675,477 4,611,886 1,855,646 296,883 884,933,634 273,913,988 274,004,072 1,163,125 45,311 586,597 -403,973 2,912,257 276,175,778 3,437,127 412,284 799,085,951 797,153,154 804,865,535
Returns without worldwide income tax Number of Amount returns (5) (6) 409 1,046 860 853 660 140 85 961 352 232 876 131 136 136 136 6 120 -18 ----136 --1,362 861,408 87,254 509,043 42,385 26,886 48,554 52,575 26,969 124,538 239,389 38,402 9,950 9,950 9,950 2 9,670 -273 ----31,112 ---
1,806,852 724,562 277,191 ** 463,543 48,430 315,569 1,806,852
1,003,828,855 22,574,573 730,751 1,305,508 9,625,744 1,855,646 2,737,680 1,016,076,263
1,048 378 290 ** 677 232 78 1,040
661,799 36,392 704 70 466,519 124,538 1,909 230,537
Footnotes at end of table.
Table 6.--1997, Individual Income Tax Returns With and Without Worldwide Income Tax and With Income of $200,000 or More Under Alternative Concepts: Income, Deductions, Credits, and Tax, by Tax Status--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Total Income concept, item Number of returns (1) Amount
(2) Expanded Income Concept Salaries and wages............................................................................................................. 1,537,421 444,868,523 Business or profession: Net income............................................................................................................. 400,787 42,497,674 Net loss............................................................................................................. 112,928 2,351,032 Farm: Net income.............................................................................................................15,795 932,844 Net loss............................................................................................................. 46,171 1,892,061 Partnership and S Corporation net income (loss) after section 179 property deduction: [1] Net income............................................................................................................. 672,526 154,298,971 Net loss............................................................................................................. 238,217 15,500,446 Sales of capital assets: Net gain.............................................................................................................1,308,993 246,080,029 Net loss............................................................................................................. 261,755 626,714 Sales of property other than capital assets: Net gain............................................................................................................. 91,211 2,021,430 Net loss............................................................................................................. 137,737 1,783,482 Taxable interest received............................................................................................................. 1,819,338 46,111,565 Tax-exempt interest received............................................................................................................. 770,803 27,151,065 Dividends............................................................................................................. 1,593,129 46,676,588 Pensions and annuities in adjusted gross income............................................................................................................. 363,206 13,259,417 Rent: Net income............................................................................................................. 337,228 13,282,243 Net loss, total (deductible and nondeductible)............................................................................................................. 237,557 2,599,898 Nondeductible rental loss............................................................................................................. 159,955 1,483,646 Royalty: Net income............................................................................................................. 119,269 3,443,646 Net loss............................................................................................................. 4,217 36,227 Estate or trust: Net income.............................................................................................................71,750 5,704,745 Net loss............................................................................................................. 7,700 460,162 State income tax refunds............................................................................................................. 836,358 3,763,495 Alimony received............................................................................................................. 1,351 159,974 Social Security benefits in adjusted gross income............................................................................................................. 319,468 4,875,411 Social Security benefits (nontaxable)............................................................................................................. 860,448 319,468 Unemployment compensation............................................................................................................. 14,862 48,028 Other income............................................................................................................. 305,979 9,109,182 Other loss............................................................................................................. 37,296 1,675,096 Foreign-earned income exclusion............................................................................................................. 2,350,548 35,153 Total income............................................................................................................. 1,854,031 1,018,804,500 Statutory adjustments, total............................................................................................................. 830,535 8,902,788 Payments to Individual Retirement Arrangements............................................................................................................. 113,154 389,098 Payments to self-employed retirement (Keogh) plans............................................................................................................. 228,499 3,915,099 Moving expenses adjustment............................................................................................................. 25,914 143,917 Adjusted gross income............................................................................................................. 1,854,031 1,009,901,712 Investment interest expense deduction............................................................................................................. 458,745 8,943,102 Total tax preferences excluded from adjusted gross income............................................................................................................. 785,262 27,604,180 Total alternative minimum tax preference items
Returns with income of $200,000 or more Returns with worldwide income tax Number of Amount returns (3) (4) 1,536,979 400,632 112,794 15,777 46,123 444,808,738 42,486,802 2,280,978 932,020 1,884,289
Returns without worldwide income tax Number of Amount returns (5) (6) 442 155 134 18 48 59,785 10,871 70,055 824 7,772
672,314 237,773 1,308,187 261,207 91,126 137,587 1,817,878 769,620 1,591,842 362,849 337,007 237,345 159,849 119,130 4,212 71,625 7,666 835,880 1,348 318,654 318,654 14,854 305,757 37,279 35,140 1,852,469 830,199 113,114 228,478 ** 1,852,469 458,367 784,069
154,287,642 15,341,257 245,891,538 625,217 2,016,365 1,772,703 45,958,233 26,806,356 46,585,909 13,250,191 13,274,066 2,591,816 1,479,848 3,439,911 36,216 5,702,947 456,434 3,756,355 159,756 4,864,315 858,490 48,000 9,096,336 1,672,962 2,349,110 1,018,404,372 8,900,003 388,986 3,914,811 143,899 1,009,504,370 8,847,366 27,253,930
212 444 806 548 85 150 1,460 1,183 1,287 357 221 212 106 139 5 125 34 478 3 814 814 8 222 17 13 1,562 336 40 21 ** 1,562 378 1,193
11,330 159,189 188,491 1,497 5,064 10,779 153,332 344,710 90,679 9,226 8,177 8,082 3,798 3,735 10 1,798 3,728 7,140 217 11,096 1,958 28 12,846 2,134 1,438 400,128 2,785 112 288 18 397,343 95,736 350,250
(excluding tax-exempt interest from private activity bonds)............................................................................................................. 31,375 Passive activity loss (alternative minimum tax adjustment)............................................................................................................. 261,226 Expanded income............................................................................................................. 1,854,031
Footnotes at end of table.
465,224 1,197,452 1,029,319,866
31,342 261,000 1,852,469
459,614 1,196,487 1,028,667,116
33 226 1,562
5,610 965 652,750
Table 6.--1997, Individual Income Tax Returns With and Without Worldwide Income Tax and With Income of $200,000 or More Under Alternative Concepts: Income, Deductions, Credits, and Tax, by Tax Status--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Total Income concept, item Number of returns (1) Amount
(2) Expanded Income Concept -- Continued Exemption amount............................................................................................................. 927,074 3,812,564 Itemized deductions: Total per adjusted gross income concept............................................................................................................. 1,712,331 115,075,428 Total per expanded income concept............................................................................................................. 1,711,415 123,405,967 Charitable contributions deduction............................................................................................................. 1,648,773 33,781,305 Interest paid deduction: Total per adjusted gross income concept............................................................................................................. 1,393,243 33,543,609 Total per expanded income concept............................................................................................................. 1,295,136 24,600,507 Total home mortgage interest.............................................................................................................24,430,058 1,292,613 Medical and dental expense deduction............................................................................................................. 31,710 862,543 Net casualty or theft loss deduction.............................................................................................................163,085 1,902 Taxes paid deduction............................................................................................................. 1,706,247 61,020,172 Net limited miscellaneous deductions per adjusted gross income concept............................................................................................................. 4,513,300 271,218 Non-limited miscellaneous deductions............................................................................................................. 48,138 1,979,916 Excess of exemptions and deductions over adjusted gross income............................................................................................................. 2,312 368,022 Taxable income............................................................................................................. 1,851,695 890,411,092 Tax at regular rates............................................................................................................. 1,851,736 275,208,877 Income tax before credits............................................................................................................. 1,851,736 275,298,961 Tax credits: Total............................................................................................................. 210,248 1,174,449 Child care credit............................................................................................................. 88,701 44,591 Minimum tax credit............................................................................................................. 54,441 596,491 Foreign tax credit............................................................................................................. --General business credit............................................................................................................. 64,093 405,940 Alternative minimum tax (Form 6251)............................................................................................................. 259,079 2,934,249 Worldwide total income tax............................................................................................................. 1,852,469 277,755,414 Foreign taxes paid............................................................................................................. 492,630 4,006,439 Foreign taxes paid on excluded foreign-earned income (Form 1116)............................................................................................................. 26,303 686,365 Taxable income which would yield: Income tax before credits............................................................................................................. 1,851,736 804,254,890 Income tax after credits............................................................................................................. 1,851,598 803,071,700 Worldwide total income tax............................................................................................................. 1,852,469 810,851,592 Reconciliation of adjusted gross income and expanded income: Adjusted gross income............................................................................................................. 1,854,031 1,009,901,712 plus: Total tax preferences excluded from adjusted gross income [2]............................................................................................................. 785,262 27,604,180 Social Security benefits (nontaxable)............................................................................................................. 319,468 860,448 Foreign-earned income exclusion............................................................................................................. 35,153 2,350,548 minus: Investment interest expense deduction............................................................................................................. 458,745 8,943,102 Non-limited miscellaneous deductions............................................................................................................. 48,138 1,979,916 Unreimbursed employee business expenses............................................................................................................. 301,521 2,451,923 Equals: Expanded income.............................................................................................................1,029,319,866 1,854,031
Returns with income of $200,000 or more Returns with worldwide income tax Number of Amount returns (3) (4) 925,876 1,710,911 1,710,039 1,647,632 1,392,525 1,294,568 1,292,047 30,977 1,807 1,704,928 270,455 47,918 909 1,851,560 1,851,598 1,851,598 210,110 88,697 54,318 -64,076 259,079 1,852,469 492,630 26,303 1,851,598 1,851,598 1,852,469 3,807,250 114,591,476 123,134,779 33,721,463 33,415,333 24,567,967 24,397,650 791,041 118,864 60,976,283 4,493,261 1,856,327 237,329 890,373,235 275,199,058 275,289,142 1,164,630 44,589 586,903 -405,715 2,934,249 277,755,414 4,006,439 686,365 804,224,314 803,071,700 810,851,592
Returns without worldwide income tax Number of Amount returns (5) (6) 1,198 1,420 1,376 1,141 718 568 566 733 95 1,319 763 220 1,403 135 138 138 138 4 123 -17 ----138 --5,315 483,953 271,188 59,842 128,276 32,540 32,407 71,502 44,222 43,889 20,040 123,589 130,693 37,856 9,819 9,819 9,819 2 9,588 -225 ----30,576 ---
1,852,469 784,069 318,654 35,140 458,367 47,918 301,442 1,852,469
1,009,504,370 27,253,930 858,490 2,349,110 8,847,366 1,856,327 2,450,949 1,028,667,116
1,562 1,193 814 13 378 220 79 1,562
397,343 350,250 1,958 1,438 95,736 123,589 974 652,750
** Data deleted to avoid disclosure of information for specific taxpayers. However, deleted data are included in the appropriate totals. [1] Section 179 of the Internal Revenue Code permits certain taxpayers to elect to deduct all or part of the cost of certain qualifying property in the year they place it in service, instead of taking depreciation deductions over a specified recovery period.
[2] Includes tax-exempt interest and tax preference items subject to alternative minimum tax. NOTE: Detail may not add to totals because of rounding. SOURCE: IRS, Statistics of Income Bulletin, Winter 1999/2000, Publication 1136, Rev. 2/00.