Stacie's Tax Stuff

IR-2014-2, Jan. 3, 2014

WASHINGTON — The Internal Revenue Service today announced the availability of the Fall 2013 issue of the Statistics of Income Bulletin, which features information on individual income tax returns filed for tax year 2011.

Taxpayers filed 145.4 million individual income tax returns for 2011, an increase of 1.7 percent from tax year 2010. The adjusted gross income (AGI) reported on these returns totaled $8.4 trillion, a 3.5-percent increase from 2010. Taxable income rose 4.4 percent to $5.7 trillion for 2011.

The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue of the SOI Bulletin also includes articles on the following topics:

• Partnership Returns:  Since 2002, the number of partnerships has increased at an average annual rate of 4.4 percent. For tax year 2011, a total of 3,285,177 partnerships filed federal tax returns, reporting $20.6 trillion in total assets and $580.9 billion in total net income or profit.
• Accumulation and Distribution of Individual Retirement Arrangements:  About three- quarters of all taxpayers (145.6 million) were eligible to contribute to an individual retirement account (IRA) for 2010. Of the 3.5 million taxpayers who made IRA contributions, 62 percent were age 50 or older. For 2010, the end-of-year fair market value of IRAs reported by approximately 54.4 million taxpayers was roughly $5 trillion

The Statistics of Income Bulletin is available for download at IRS.gov/taxstats. Printed copies of the Statistics of Income Bulletin are available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954. The annual subscription rate is $67 ($93.80 foreign), single issues cost $44 ($61.60 foreign).

For more information about these data, write to the Internal Revenue Service (RAS:S), Director, Statistics of Income, 1111 Constitution Ave., NW (K-Room 4160), Washington, DC 20224-0002.

Related Items:

• SOI Bulletin: Fall 2013
• Historical Tables and Appendix
• Tax Statistics

Follow the IRS on New Media

Subscribe to IRS Newswire

IRS Special Edition Tax Tip 2014-01, January 3, 2014

The 2014 tax filing season begins on Jan. 31. To help you prepare for it, the IRS has several short and informative YouTube videos on a variety of tax topics. These videos are available in English, Spanish and American Sign Language (ASL).

IRS videos have received nearly 6.5 million views. Find them here:

• IRS Videos — http://www.youtube.com/irsvideos
  
• ASL Videos — http://www.youtube.com/IRSvideosASL
  
• Multilingual Videos — http://www.youtube.com/IRSvideosMultilingua

You may find some of these videos especially useful as you prepare to file in 2014. They include:

• Do-It-Yourself Free Tax Preparation.  Helps you find free help from certified volunteers. Learn about becoming involved in the Volunteer Income Tax Assistance or Tax Counseling for the Elderly programs.
  
• Do I Have to File a Tax Return?   Learn about the all requirements for filing a tax return.
  
• How to Get 1040 Forms.  Tips offered on the quickest way to get various 1040 forms on IRS.gov.
  
• Tax Scams.  Tips offered on how to protect personal your information, avoid becoming a tax scam victim and more.
  
• Record-keeping.   Learn which financial and tax files to keep and how long to keep them.
  
• Changed Your Name After Marriage or Divorce?  Find out what you need to do if you have changed your name before you file your tax return.
  
• Choosing a Tax Preparer. Useful tips on choosing a reputable tax preparer.
  

The IRS uses social media tools and platforms to share the latest information on tax changes, initiatives, products and services. A full listing of all our social media channels is available on IRS.gov.