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 1990.

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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