Individual Income Tax Filing: Tax Overpayments, Total
TXOPTTLA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
414,634,849.00
Year-over-Year Change
62.56%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Tax Overpayments, Total' trend measures the total amount of income taxes overpaid by U.S. taxpayers. This data provides insight into household finances and is a key indicator used by economists and policymakers.
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 economic indicator tracks the total value of tax overpayments filed by individual income taxpayers in the United States. It represents the aggregate amount that taxpayers have prepaid or overwithheld from their earnings, which they can later claim as a refund.
Methodology
The data is collected through individual income tax returns filed with the Internal Revenue Service (IRS).
Historical Context
Tax overpayment trends are closely monitored by government agencies, financial institutions, and economic analysts to assess household liquidity, consumer spending patterns, and the overall health of the U.S. economy.
Key Facts
- Tax overpayments totaled over $300 billion in 2021.
- The average tax refund was approximately $2,800 in 2022.
- Tax overpayments can provide a source of short-term savings for households.
FAQs
Q: What does this economic trend measure?
A: The 'Individual Income Tax Filing: Tax Overpayments, Total' trend measures the total value of income taxes that U.S. taxpayers have overpaid and can claim as refunds.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into household finances and consumer behavior, which are important factors for economists, policymakers, and financial institutions in assessing the overall health of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through individual income tax returns filed with the Internal Revenue Service (IRS).
Q: How is this trend used in economic policy?
A: Tax overpayment trends are closely monitored by government agencies, financial institutions, and economic analysts to assess household liquidity, consumer spending patterns, and the overall health of the U.S. economy.
Q: Are there update delays or limitations?
A: The data is published with a lag, as it is dependent on the filing of individual income tax returns, which can take several months to process.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Overpayments, Total (TXOPTTLA), retrieved from FRED.