Statistics Released on 2011 Income Tax Returns

The IRS has released facts and figures on 2011 income tax returns for individuals. The number of returns filed for 2011 was 145.6 million (a 1.9% increase from the 142.9 million returns filed for 2010). Total adjusted gross income increased by 3.1%, and total taxable income increased by 9.8%.

When it comes to deductions, 66.6% of all filers used the standard deduction. This was 3.3% more than for 2010 returns. The itemized deduction for taxes was the single largest deduction, followed by the deduction for interest paid (including home mortgage interest).

Overall, however, tax credits other than refundable credits decreased substantially Why the great decrease? The main reason was the fact that first-time homebuyer credit was no longer available. But the earned income credit, which is a refundable credit, increased by more than 5%, accounting for $64.4 billion.

Source: http://www.irs.gov/pub/irs-soi/13inwinbulincomeprlim11.pdf