2016 Filing snapshot

In early March the Treasury Inspector General for Tax Administration (TIGTA) took a snapshot of how this year’s filing season is going. The report was released on March 31. Among the observations:

  • 93.9% of returns were filed electronically. Only 4 million returns came in on paper, to that point.
  • 53.5 million refunds, totaling more than $160 billion, had been issued.
  • More than 2.7 million taxpayers admitted that they had no health insurance in 2015. As a consequence, they paid more than $1 billion in “shared responsibility payments” (or, in the words of Chief Justice Roberts, a “tax”).
  • 1.4 million returns claimed a total of $4.4 billion Premium Tax Credits for their health insurance.
  • 194 tax returns claimed unreasonably large Advance Premium Tax Credits, totaling more than $7.9 billion. Those returns are being investigated.
  • 42,148 fraudulent returns were identified, and more than $180 million in fraudulent refunds was blocked.
  • 31,578 fraudulent returns involved identity theft.

Recommendations have been slated for a future report.

© 2016 M.A. Co.  All rights reserved.