8,000 Home Tax Credit Ordinary Income - Excel by ogu20744

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									Table 2. Individual Income and Tax Data, by State
And Size of Adjusted Gross Income, Tax Year 2008
[Money amounts are in thousands of dollars]

                                                                                                                       Size of adjusted gross income

                                              Item                    All returns                            $50,000             $75,000           $100,000
                                                                                            Under                                                                      $200,000
                                                                                                              under               under             under
                                                                                          $50,000 [1]                                                                   or more
                                                                                                             $75,000            $100,000           $200,000

                                                                          (1)                 (2)              (3)                  (4)                (5)                (6)
                                        VERMONT
Number of returns                                                           320,162             214,292              45,110               27,694             26,317              6,749
   Number of joint returns                                                  124,892                 43,585           29,202               23,138             23,131              5,836
   Number with paid preparer's signature                                    163,743             102,450              25,477               15,338             15,134              5,344
Number of exemptions                                                        570,834             300,939          103,843                  73,254             73,620             19,178
Adjusted gross income (AGI) [2]                                          15,950,073           4,136,604        2,773,280            2,387,511          3,446,669          3,206,011
   Salaries and wages in AGI: [3] Number                                    265,714             170,605              40,550               25,272             23,622              5,665
      Amount                                                             11,257,881           3,420,498        2,161,230            1,863,051          2,495,961          1,317,141
   Taxable interest: Number                                                 162,383                 82,676           29,318               21,184             22,756              6,449
      Amount                                                                394,989             118,378              53,086               42,573             73,372         107,580
   Ordinary dividends: Number                                                   85,874              39,469           14,676               11,487             14,871              5,371
      Amount                                                                552,921                 99,246           56,998               53,233         122,078            221,368
   Business or profession net income (less loss): Number                        59,519              34,733            9,905                6,223              6,541              2,117
      Amount                                                                705,130             220,280          109,639                  83,026         148,719            143,466
   Number of farm returns                                                        4,225               2,534             665                  400                 460               166
   Net capital gain (less loss) in AGI: Number                                  63,254              28,487           10,135                8,000             11,612              5,020
      Amount                                                                868,103                 33,426           27,229               31,347         105,834            670,268
   Taxable individual retirement arrangements distributions: Number             29,474              16,150            5,209                3,452              3,646              1,017
      Amount                                                                351,960                 98,454           57,178               53,117             91,966             51,247
   Taxable pensions and annuities in AGI: Number                                55,576              31,238            9,878                6,526              6,534              1,400
      Amount                                                                919,114             313,181          187,076              152,375            206,290                60,191
   Unemployment compensation: [4] Number                                        26,768              19,577            4,261                1,889                968                73
      Amount                                                                111,323                 78,130           19,243                8,564              4,904               483
   Taxable Social Security benefits in AGI: Number                              35,284              16,193            8,265                4,848              4,592              1,386
      Amount                                                                380,529                 75,242       108,462                  81,781             86,801             28,241
   Self-employment retirement plans: Number                                      3,070                580              416                  430                 990               654
      Amount                                                                    43,941               4,370            3,344                4,009             15,199             17,020
Total itemized deductions: [5] Number                                           97,424              29,557           20,544               17,706             23,027              6,590
   Amount                                                                 2,366,481             466,031          359,242              352,481            603,593            585,134
   State and local income taxes: Number                                         90,109              23,712           19,784               17,365             22,753              6,495
      Amount                                                                526,225                 37,142           49,611               60,679         151,811            226,980
   State and local general sales tax: Number                                     6,042               4,684             696                  321                 248                93
      Amount                                                                     5,365               3,300             877                  543                 454               191
   Real estate taxes: Number                                                    91,077              26,169           19,370               16,941             22,226              6,371
      Amount                                                                429,741                 87,844           71,112               73,373         130,466                66,946
   Taxes paid: Number                                                           97,420              29,490           20,575               17,729             23,035              6,591
      Amount                                                                970,928             130,293          123,182              136,286            285,696            295,471
   Mortgage interest paid: Number                                               79,626              22,275           17,503               15,519             19,459              4,870
      Amount                                                                740,412             172,568          151,071              143,425            197,645                75,703
   Contributions: Number                                                        71,301              16,661           14,448               13,774             20,222              6,196
      Amount                                                                247,162                 22,960           25,185               27,651             58,657         112,709
Taxable income: Number                                                      246,822             141,365              44,860               27,614             26,258              6,725
   Amount                                                                10,749,463           2,052,973        1,806,297            1,669,486          2,554,635          2,666,074
Total tax credits: [6] Number                                                   88,903              40,446           19,048               13,892             12,157              3,360
   Amount                                                                   111,845                 28,709           29,009               24,247             14,693             15,185
   Residential energy tax credit: Number                                            614               163              142                  128                 127                54
      Amount                                                                        851               145              204                  191                 207               103
   Child tax credit: Number                                                     48,359              19,452           13,150                9,419             **6,338                **
      Amount                                                                    62,247              17,159           20,798               15,707             **8,582                **
   Child and dependent care credit: Number                                      13,855               3,920            3,526                2,992              2,922               495
      Amount                                                                     7,029               1,839            1,796                1,645              1,498               253
Earned income credit: [7] Number                                                42,141              42,141                0                   0                   0                 0
   Amount                                                                       68,657              68,657                0                   0                   0                 0
   Excess earned income credit (refundable): [8] Number                         33,886              33,886                0                   0                   0                 0
      Amount                                                                    57,060              57,060                0                   0                   0                 0
First-time homebuyer credit: Number                                              1,869               1,063             503                  209                  94                 0
      Amount                                                                    12,493               6,769            3,610                1,447                666                 0
Alternative minimum tax: Number                                                  7,384                  63              67                  140               1,723              5,391
      Amount                                                                    54,935                127              134                  405               4,522             49,748
Income tax: [9] Number                                                      224,748             121,808              42,922               27,211             26,073              6,734
   Amount                                                                 1,756,599             221,201          221,515              215,225            431,028            667,629
Total tax liability: [10] Number                                            242,704             138,708              43,709               27,385             26,161              6,741
   Amount                                                                 1,891,833             270,452          243,568              232,221            457,822            687,770
Tax due at time of filing: [11] Number                                          50,861              25,049            9,009                5,682              8,167              2,954
   Amount                                                                                188,636    26,376   17,341   14,257   36,854   93,807
Overpayments refunded: [12] Number                                                       245,165   170,800   34,531   20,894   16,397    2,543
   Amount                                                                                581,639   284,492   96,341   71,870   83,713   45,223

** - Not shown to avoid disclosure of information about specific taxpayers.
However, the data are combined with data in an adjacent size class, as
appropriate, and included in the appropriate totals.

[1] Includes returns with adjusted gross deficit.
[2] Less deficit.

[3] "Number," here, and elsewhere in Table 2, represents number of returns,
unless otherwise specified.

[4] Includes the Alaskan permanent fund, reported by residents of Alaska on
Forms 1040A and 1040EZ's. This fund only applies to statistics in the U.S. totals,
and the state of Alaska.
[5] "Itemized deductions" include any amounts reported by the taxpayer, even if
they could not be used in computing "taxable income," the base on which the
regular income tax was computed. Thus, total itemized deductions include
amounts that did not have to be reported by taxpayers with no "adjusted gross
income." (Adjusted gross income is the total from which these deductions would
normally be subtracted.) In addition, if standard and itemized deductions were
both reported on a tax return, the form of deduction actually used in computing
income tax was the one used for the statistics. Therefore, if the standard
deduction was the form of deduction used, the total reported for itemized
deductions was excluded from the statistics. However, the component
deductions were not similarly excluded. As a result, the number of returns and
related amounts for the component deductions are slightly overstated in relation
to the grand total shown for itemized deductions. These components are also
overstated in relation to the total because there was a statutory limitation on the
total of itemized deductions that could be claimed by certain high-income
taxpayers. This limitation did not affect the component deductions, the sum
of which therefore exceeded the total used in computing income tax.

[6] Unlike Table 1, Table 2's "Total tax credits" excludes the "earned income
credit" which is shown separately below in the table.
[7] "Earned income credit" includes both the refundable and non-refundable
portions. The non-refundable portion could reduce income tax and certain
related taxes to zero. The earned income credit amounts in excess of total tax
liability, or amounts when there was no tax liability at all, were refundable. See
footnote 8 below for explanation of the refundable portion of the earned income
credit.

[8] The refundable portion of the "earned income credit" equals "total income tax"
minus the "earned income credit". If the result is negative, this amount is considered
the refundable portion.
[9] "Income tax" is in general, the same as "income tax after credits" which was
redefined in Tax Year 2000 to include the "alternative minimum tax (AMT)". Table
2 "Income tax" differs from "total income tax" (in Tables 1 and 3) in that Table 2
"Income tax" is after the subtraction of all tax credits except the earned income
credit. See footnotes 7 and 8 above, for an explanation of the treatment of the
earned income credit. "Income tax" reflects the amount reported on the tax return
and is, therefore, before any examination or enforcement activities by the Internal
Revenue Service. It represents the tax filer reported income tax liability that was
payable to the U.S. Department of the Treasury.

[10] For Table 2, "Total tax liability" differs from "Income tax," in that "Total tax
liability" includes the taxes from recapture of certain prior-year credits, tax
applicable to individual retirement arrangements (IRA's), Social Security taxes on
self-employment income and on certain tip income, advanced earned income
payments, household employment taxes, and certain "other taxes" listed in the
Form 1040 instructions.

[11] Reflects payments to or withholdings made to "Total tax liability" (footnote
10). The amount the tax filer owes when the income tax return is filed.

[12] The amount of overpayments the tax filer requested to have refunded.

[13] Includes, for example, returns filed from Army Post
Office and Fleet Post Office addresses by members of the armed forces
stationed overseas; returns filed by other U.S. citizens abroad; and returns filed by
residents of Puerto Rico with income from sources outside Puerto Rico or with
income earned as U.S. government employees.

NOTE: This table presents aggregates of all returns filed and processed through
the Individual Master File (IMF) system during Calendar Year 2009, including any
returns filed for tax years preceding 2008.

In general, during administrative or Master File processing, taxpayer reporting
discrepancies are corrected only to the extent necessary to verify the total tax
liability reported. Most of the other corrections to the taxpayer records used for
these statistics could not be made because of time and resource constraints.
The statistics in Table 2 should, therefore, be used with the knowledge that some
of the data have not been perfected or edited for statistical purposes and that
U.S. totals in this table may not be altogether comparable to U.S. totals in Tables
1 and 3, as a result. Also, see footnote 13, above for differences in tax return
coverage, which affects U.S. totals in this table.
Classification by State was usually based on the taxpayer's home address.
However, some taxpayers may have used the address of a tax lawyer, or
accountant, or the address of a place of business; moreover, such addresses
could each have been located in a State other than the State in which the
taxpayer resided.

For explanation of the tax law changes which could affect the year-to-year
analysis of data, refer to the respective years' "Individual Income Tax Returns,
Preliminary Data" article published in the SOI Spring Bulletin. For further
explanation of the tax terms, refer to the respective years' "Individual Income Tax
Returns," Publication 1304.

Note: Detail may not add to totals because of rounding.

SOURCE: IRS, Statistics of Income Division, Individual Master File System,
May 2010.

								
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