May 31, 2013 10:47 am

IRS Reports on Returns for High-Income Filers

The Tax Reform Act of 1976 requires the IRS to report annually on data for individual income tax returns reporting incomes of $200,000 or more. According to the latest report, there were more than 4.2 million such filers for 2010 income tax returns. They represent 3% of all individual tax returns.

This income group has increased by about 8% over the previous year. This income group has increased annually since the IRS started making these reports in 1977.

Source: IRS Statistics of Income Bulletin, Spring 2013 at http://www.irs.gov/pub/irs-soi/13insprbulhignincome.pdf

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Tax Glossary

Recognized gain or loss

The amount of gain or loss to be reported on a tax return. Gain may not be recognized on certain exchanges of property.

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