June 30, 2022 12:22 am

Statistics of Income Bulletin on Individual Income Tax Returns

The IRS released data on 2020 individual income tax returns (Spring 2022 Statistics of Income Bulletin). There were 164.2 million Forms 1040 and 1040-SR filed for 2020, up from 159.7 million in the previous year. The standard deduction was claimed by 87.5% of all filers; only 12.5% of taxpayers itemized their personal deductions.

Income tax returns for 2020 reflected several law changes, some of which were related to COVID-19 relief. Law changes included:

  • Above-the-line deduction up to $300 for charitable contributions.
  • Two rounds of Economic Impact Payments reflected in a refundable recovery rebate credit.
  • Qualified sick leave and family leave credit for self-employed individuals affected by the coronavirus.
  • Exclusion for unemployment benefits up to $10,200.
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Tax Glossary

Unrecaptured Section 1250 gain

Long-term gain realized on the sale of depreciable realty attributed to depreciation deductions and subject to a 25% capital gain rate.

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