Individual Income Tax Filing: Total Deductions
DDMT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,187,065,561.00
Year-over-Year Change
40.27%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Total Deductions' trend measures the total value of deductions claimed by individual taxpayers on their federal income tax returns. This metric is closely watched by economists and policymakers to understand household finances and the impact of tax policy.
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
This series tracks the total dollar amount of deductions claimed by individuals on their U.S. federal income tax returns. Deductions reduce a taxpayer's taxable income, and this metric provides insight into the financial situation and behavior of households across the country.
Methodology
The data is collected by the Internal Revenue Service from individual income tax returns.
Historical Context
Policymakers and market analysts use this data to assess the impact of tax policy changes on household finances and consumer spending.
Key Facts
- Total deductions have averaged over $1.3 trillion annually in recent years.
- The largest deduction categories are mortgage interest, charitable contributions, and state/local taxes.
- Deductions help reduce the tax burden for many middle-class and upper-middle-class households.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar value of deductions claimed by individual taxpayers on their federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into household finances and the impact of tax policy on consumer behavior and spending.
Q: How is this data collected or calculated?
A: The data is collected by the Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this data to assess the impact of tax policy changes on household finances and consumer spending.
Q: Are there update delays or limitations?
A: The data is published with a lag as it is compiled from individual tax return filings.
Related Trends
State Tax Collections: T13 Motor Fuels Sales Tax for Nebraska
QTAXT13QTAXCAT3NENO
Child Tax Exemptions for New York
CHEXMNY36A647NCEN
State Tax Collections: T28 Occupation and Business License, Not Elsewhere Classified for Oregon
QTAXT28QTAXCAT3ORNO
State Tax Collections: T19 Other Selective Sales and Gross Receipts Taxes for New Hampshire
QTAXT19QTAXCAT3NHNO
Mean Adjusted Gross Income for Kansas
MEANAGIKS20A052NCEN
Individual Income Tax Filing: Returns with Additional Standard Deductions for Age 65 or Over or Blindness
SDRASDOB
Citation
U.S. Federal Reserve, Individual Income Tax Filing: Total Deductions (DDMT), retrieved from FRED.