The IRS has posted the new 2008 “Data Book” covering the returns filed from Oct. 1, 2007, through Sept. 30, 2008, the government’s most recent fiscal year. (These returns would not reflect the economic downturn that became so apparent in 2008.)
Alert: The Data Book provides valuable insights into tax returns filed, tax collections, investigations and related matters. You may find the information helpful in analyzing your personal tax situation.
The IRS says it processed more than 250 million returns (up from 235 million in 2007). More than 101 million returns, including 58% of individual income tax returns, were filed electronically.
More than 18 million individual filers received tax refunds totaling almost $270.4 billion. They also received more than $95.7 billion in economic stimulus payments. The IRS collected $2.75 trillion in fiscal year 2008 (up from $2.69 trillion in 2007).
The audit rate for individual returns with a total positive income (TPI) between $200,000 and $1 million remained close to the 2% mark for 2008.
Tip: Find the entire IRS Data Book at www.irs.gov/taxstats/index.html.
Who wants to be a millionaire?
Income Level FY 2007 FY 2008 Change FY 2007 FY 2008 Change
$1 million 10,941 9,641 –12% 339,138 392,776 16%
From $200,000 58,524 67,535 15% 3,603,564 4,049,380 12%
up to $1 million
Less than 1,003,759 1,003,976 0% 130,600,177 133,407,479 2%
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