Tax Deductions: Estimates of Taxpayers Who May Have Overpaid Federal Taxes by Not Itemizing

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A letter report issued by the General Accounting Office with an abstract that begins "When computing their federal taxes, taxpayers either claim a standard deduction or itemize deductions. This report estimates (1) the number of taxpayers who may have overpaid their taxes by claiming the standard deduction instead of itemizing their deductions, and (2) the amount of taxes they may have overpaid. On about 510,000 individual tax returns in tax year 1998, GAO found that taxpayers did not itemize their deductions yet had mortgage interest payments that exceeded the standard deduction amount for their tax filing status. These taxpayers may ... continued below

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United States. General Accounting Office. April 12, 2001.

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This report is part of the collection entitled: Government Accountability Office Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. More information about this report can be viewed below.

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Description

A letter report issued by the General Accounting Office with an abstract that begins "When computing their federal taxes, taxpayers either claim a standard deduction or itemize deductions. This report estimates (1) the number of taxpayers who may have overpaid their taxes by claiming the standard deduction instead of itemizing their deductions, and (2) the amount of taxes they may have overpaid. On about 510,000 individual tax returns in tax year 1998, GAO found that taxpayers did not itemize their deductions yet had mortgage interest payments that exceeded the standard deduction amount for their tax filing status. These taxpayers may have overpaid their taxes by about $311 million. The average overpayment amount was $610, and about 35 percent of the taxpayers had overpaid their taxes by more than $500."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • April 12, 2001

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  • June 11, 2014, 5:03 a.m.

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United States. General Accounting Office. Tax Deductions: Estimates of Taxpayers Who May Have Overpaid Federal Taxes by Not Itemizing, report, April 12, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc294891/: accessed August 17, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.