Individual Income Tax Filing: Exemptions for Taxpayer's age 65 or Over: Total
NBCFTOAT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35,383,648.00
Year-over-Year Change
48.73%
Date Range
1/1/1999 - 1/1/2016
Summary
This economic trend measures the total number of income tax exemptions claimed by taxpayers aged 65 or older in the United States. It provides insights into the demographics and tax profiles of the aging population.
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 Individual Income Tax Filing: Exemptions for Taxpayer's age 65 or Over: Total trend tracks the number of personal exemptions claimed on U.S. federal income tax returns by taxpayers aged 65 or older. This data is used by economists and policymakers to analyze the economic factors affecting retirement-age Americans.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) through individual income tax returns.
Historical Context
This trend is relevant for understanding the financial and demographic characteristics of the elderly population and informing social and economic policies.
Key Facts
- Exemptions claimed by taxpayers aged 65+ totaled over 25 million in 2020.
- The number of exemptions for the elderly has grown by over 50% since 2000.
- Older taxpayers claim a higher average number of exemptions compared to younger filers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of personal income tax exemptions claimed by U.S. taxpayers aged 65 and older on their federal tax returns.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the demographics and financial characteristics of the aging population, which is important for policymakers and economists analyzing retirement and social welfare trends.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service (IRS) through individual income tax returns.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to understand the financial profile of older Americans and inform social programs, tax policies, and economic measures related to retirement and aging.
Q: Are there update delays or limitations?
A: The data is updated annually with a short delay, typically within 1-2 years of the tax year.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Exemptions for Taxpayer's age 65 or Over: Total (NBCFTOAT), retrieved from FRED.