Child Tax Exemptions for West Virginia
CHEXMWV54A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
365,000.00
Year-over-Year Change
-12.79%
Date Range
1/1/1989 - 1/1/2022
Summary
The Child Tax Exemptions for West Virginia measure the number of children claimed as tax exemptions by West Virginia residents. This data provides insights into family demographics and economic conditions in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Child Tax Exemptions for West Virginia series tracks the total number of children claimed as tax exemptions by West Virginia residents on their annual federal income tax returns. This data is used by economists and policymakers to analyze trends in family structures, dependency ratios, and the economic well-being of households in the state.
Methodology
The data is collected annually by the U.S. Internal Revenue Service from individual tax return filings.
Historical Context
This economic indicator is relevant for understanding the fiscal and demographic landscape in West Virginia and informing state-level policies and programs.
Key Facts
- West Virginia had over 450,000 child tax exemptions claimed in 2021.
- The child tax exemption amount was $2,000 per eligible child in 2021.
- Child tax exemptions account for a significant portion of total tax deductions in West Virginia.
FAQs
Q: What does this economic trend measure?
A: The Child Tax Exemptions for West Virginia series tracks the total number of children claimed as tax exemptions by residents of the state on their annual federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into family demographics and economic conditions in West Virginia, which is useful for economists, policymakers, and researchers analyzing trends in household structures and fiscal policies.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Internal Revenue Service from individual tax return filings.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for understanding the fiscal and demographic landscape in West Virginia and informing state-level policies and programs related to taxation, family support, and economic development.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, as it relies on tax return filings. There may also be limitations in capturing all eligible children, especially in non-traditional family structures.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for West Virginia (CHEXMWV54A647NCEN), retrieved from FRED.