June 06, 1994
First Detailed 1992 Individual
Tax Returns Statistics Released
WASHINGTON - Adjusted gross income on individual income tax
returns for 1992 increased five percent over 1991 to $3.6 trillion,
even though fewer returns were filed. Taxable income also grew by
five percent to $2.4 trillion, and total income tax increased from
$448 billion to $476 billion.
Standard deductions, reported on 71 percent of returns and
accounting for 44 percent of total deductions, exceeded $368
billion, up by over four percent compared to 1991. Total itemized
deductions, claimed on the other 29 percent of returns, were $475
billion, nearly four percent more than for 1991. Interest paid
dropped two percent but still topped the list at $204 billion, most
of it for home mortgages.
Individual income tax return data by state for 1992 show that
California had the most claimants of the earned income tax credit
(2.1 million out of 14.4 million claims), amounting to $2 billion of
the total $13.4 billion claimed for that year.
These and other statistics are outlined in the Internal Revenue
Service's Spring 1994 "Statistics of Income Bulletin", available
now. Other articles report on trends in business structure and
activity during the 1980s, the growth in delinquent individual
income tax returns, and corporate foreign tax credits claimed for
The quarterly "Statistics of Income Bulletin" is available from
the Superintendent of Documents, U.S. Government Printing Office,
P.O. Box 37194, Pittsburgh, PA 25250-9754. Annual subscriptions are
$25 for four issues; single issues cost $13.
For other statistical information, write to the Director,
Statistics of Income CP:S, Internal Revenue Service, P.O. Box 2608,
Washington, DC 20013-2608, dial the Statistics of Income electronic
bulletin board (202) 874-9574, or call the statistical information
services office (202) 874-0410.
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