How Does Your 1040 Compare?

We all love tax deductions. So how do your deductible charitable contributions and home mortgage interest stack up with that of other Americans who make a similar amount of money as you? And how does your total income tax bill compare with others in your income group? Finally, since we always want to know, how does your situation compare to those who make a lot more than we do?

The IRS recently released data on these facts (based on returns for the 1999 tax year). Using this information, we've determined the following averages for each tax return filed.

Income Range	Charitable Contributions	Home Mortgage Interest Deduction	Total Federal Income Tax
$50,000 to $75,000	$2,056	$7,143	$6,788
$75,000 to $100,000	$2,650	$8,228	$11,767
$100,000 to $200,000	$3,716	$10,791	$22,855
$200,000 to $500,000	$8,447	$16,622	$69,465
$500,000 to $1,000,000	$20,828	$23,567	$192,426
$1,000,000 +	$149,945	$31,424	$889,445

Content is for informational purposes only and may not accurately reflect your specific situation. Information is not intended to provide financial, legal, tax, or accounting advice. You should consult a qualified advisor for advice specific to your own circumstances.