Opti
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Post by Opti on Mar 27, 2011 13:28:20 GMT -5
While doing away with the deductions for student loans, traditional IRAs and educator expenses would bring in some income it is nowhere near the 1 trillion ExPat theorized by using $7K x 138 million returns. Not sure if this table will post, but not everyone qualifies for IRA deductions (you need to be below a certain income among other things) but it looks like the participation rate is well south of 10% of all taxpayers. Let's see if this table posts. Sorry for the size it is from 2004. Table 2. Taxpayers with Individual Retirement Arrangement (IRA) Plans, by Size of Adjusted Gross Income, Tax Year 2004 (All figures are estimates based on samples - money amounts are in thousands of dollars) Size of adjusted gross income [1] All taxpayers Taxpayers with IRA accounts reported on Form 5498 Total With pension Eligible to make Total contributions Contributions deducted on Form 1040 Rollovers Roth conversions [3] Withdrawals [4] End of year fair market value coverage on Forms W-2 [2] IRA contributions Number of taxpayers Amount Number of taxpayers Amount Number of taxpayers Amount Number of taxpayers Amount Number of taxpayers Amount Number of taxpayers Amount (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) All taxpayers, total 184,171,485 65,841,897 144,909,584 14,706,060 48,728,654 5,587,535 20,245,616 3,636,028 214,878,448 168,697 2,815,456 12,275,427 139,621,577 50,948,264 3,299,300,158 Taxpayers on returns reporting: No adjusted gross income 2,402,976 148,412 782,603 105,045 339,361 33,163 130,826 30,811 1,234,872 1,934 91,098 116,294 1,540,883 548,038 30,372,230 $1 under $5,000 12,418,480 668,208 9,777,531 196,345 389,421 37,802 75,551 30,655 992,605 1,327 8,041 284,993 905,696 911,630 26,476,772 $5,000 under $10,000 13,373,159 1,374,082 10,573,960 261,293 488,915 94,046 186,843 79,814 2,561,548 897 3,252 626,137 2,632,107 1,414,396 50,178,992 $10,000 under $15,000 13,701,181 1,983,536 10,018,644 311,070 512,328 144,741 223,550 114,214 4,810,067 3,131 23,118 974,752 4,804,687 1,939,179 78,921,056 $15,000 under $20,000 13,918,724 2,937,962 10,072,756 441,218 774,275 240,570 427,516 117,316 3,692,873 3,977 23,625 1,025,986 5,163,777 2,218,338 97,778,397 $20,000 under $25,000 12,075,188 3,459,320 9,231,616 599,633 1,112,212 330,899 631,152 150,485 4,791,241 6,548 45,538 781,478 4,473,059 2,151,528 85,627,414 $25,000 under $30,000 10,902,509 3,568,056 8,415,980 650,748 1,386,144 373,537 892,775 132,419 4,926,566 7,417 55,941 700,161 4,789,422 2,050,090 91,347,685 $30,000 under $40,000 18,599,929 7,320,313 14,685,266 1,310,584 3,052,654 725,114 1,798,240 286,772 9,486,108 20,961 175,916 1,217,939 8,829,096 4,338,263 182,163,851 $40,000 under $50,000 15,261,524 6,527,994 12,303,223 1,401,947 3,677,978 628,934 1,874,936 302,068 12,118,226 16,407 124,594 1,092,850 9,126,556 4,408,267 197,673,420 $50,000 under $75,000 29,572,650 14,352,348 24,280,955 2,977,444 7,932,144 1,080,961 3,300,832 717,754 36,988,865 42,311 573,854 2,218,718 25,181,711 9,980,108 534,142,176 $75,000 under $100,000 18,279,097 10,335,206 15,532,744 2,370,275 7,503,213 631,016 2,426,032 576,893 29,428,700 33,048 856,038 1,353,985 21,390,645 7,533,068 502,357,915 $100,000 under $200,000 18,077,046 10,631,607 15,172,513 3,005,606 12,982,307 883,586 4,586,624 779,056 61,154,078 29,401 516,992 1,456,658 30,516,307 9,675,188 798,035,628 $200,000 under $500,000 4,344,839 2,066,978 3,245,112 848,705 6,532,438 304,645 2,828,327 244,371 29,791,969 979 130,791 337,777 14,157,116 2,903,801 425,150,187 $500,000 under $1,000,000 804,100 313,132 545,207 154,933 1,431,779 53,800 607,724 47,956 7,082,481 275 69,876 57,768 3,851,019 570,240 112,107,613 $1,000,000 or more 440,083 154,743 271,474 71,213 613,485 24,721 254,688 25,444 5,818,249 84 116,782 29,931 2,259,496 306,130 86,966,822 [1] On joint returns, both taxpayers are placed into the same adjusted gross income class, as determined by the total amount on the return. [2] Number of taxpayers with pension coverage is determined from Form W-2 box 13, which indicates participation in a retirement plan. [3] Owners of traditional IRAs were able to convert them to Roth IRAs as long as they met the income limitations for making Roth IRA contributions. Under certain circumstances, SEP or SIMPLE IRAs could also be converted to Roth IRAs; however, these amounts could not be identified separately for the purpose of these statistics. [4] Withdrawals are reported on Form 1099-R; does not include withdrawals for the purpose of rollovers to other IRA accounts if the transfer was made by the trustee; Roth IRA conversions are shown separately. Source: Matched file of income tax returns, Forms 5498, and 1099-R for Tax Year 2004, IRS, Statistics of Income Division, April 2008. www.irs.gov/taxstats/indtaxstats/article/0,,id=96981,00.html Great, that went horribly wrong. The table used individual tax payers not tax returns so the number of returns affected? Total number of taxpayers: 184,171,485 Total number of this using the IRA deduction in 2004: 5,587,535 I believe the total contributions that could have been taxed is: 50,948,264 Yep ExPat 51 million, 1 trillion, potato/potatoe/vodka its close.
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