Home » Minnesota » DAKOTA County » ZIP Code 55120 » Tax Stats

55120 Income Tax Overview

Total Number of Tax Returns for ZIP Code 55120 [1]	2,390
Total Number of Joint Tax Returns for ZIP Code 55120	1,029
Total Number of Dependents for ZIP Code 55120	716
Total Adjusted Gross Income for ZIP Code 55120	217,834,110
Average Income per Person for ZIP Code 55120	$50,054

The following tables break down the Income Tax Statistics into different Gross Income levels.

Adjusted Gross Income: Under $10,000 [1]

Number of returns [1]	482
Number of joint returns	27
Number of returns with paid preparer's signature	195
Number of exemptions	243
Number of dependents	20
Adjust gross income (AGI) [2]	$1,381,175
Salaries and wages	$2,047,026
Taxable interest	$207,453
Ordinary dividends	$181,761
Business or professional net income (less loss)	$110,904
Net capital gain (less loss)	$51,106
Taxable individual retirement arrangements distributions	$52,315
Taxable pensions and annuities	$117,579
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$748,102
State and local income taxes	$60,002
State and local general sales tax	$0
Real estate taxes	$87,717
Taxes paid	$153,526
Mortgage interest paid	$355,536
Contributions	$16,969
Taxable income	$220,533
Total tax credits [5]	$757
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$33,256
Excess earned income credit (refundable) [7]	$25,052
Alternative minimum tax	$0
Income tax [8]	$20,209
Total tax liability [9]	$57,272
Tax due at time of filing [10]	$14,649
Overpayments refunded [11]	($215,665)

Adjusted Gross Income: $10,000 under $25,000

Number of returns [1]	298
Number of joint returns	41
Number of returns with paid preparer's signature	139
Number of exemptions	369
Number of dependents	44
Adjust gross income (AGI) [2]	$5,229,806
Salaries and wages	$3,516,716
Taxable interest	$266,846
Ordinary dividends	$186,890
Business or professional net income (less loss)	$410,696
Net capital gain (less loss)	($8,390)
Taxable individual retirement arrangements distributions	$299,281
Taxable pensions and annuities	$642,931
Unemployment compensation [3]	$98,805
Taxable Social Security benefits	$64,925
Self-employment retirement plans	$0
Total itemized deductions [4]	$742,807
State and local income taxes	$50,844
State and local general sales tax	$10,815
Real estate taxes	$92,406
Taxes paid	$158,707
Mortgage interest paid	$230,441
Contributions	$78,693
Taxable income	$1,934,178
Total tax credits [5]	$34,071
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$95,782
Excess earned income credit (refundable) [7]	$80,065
Alternative minimum tax	$0
Income tax [8]	$179,570
Total tax liability [9]	$252,549
Tax due at time of filing [10]	$62,689
Overpayments refunded [11]	($406,487)

Adjusted Gross Income: $25,000 under $50,000

Number of returns [1]	404
Number of joint returns	80
Number of returns with paid preparer's signature	208
Number of exemptions	616
Number of dependents	76
Adjust gross income (AGI) [2]	$15,190,632
Salaries and wages	$11,255,224
Taxable interest	$313,812
Ordinary dividends	$520,845
Business or professional net income (less loss)	$436,142
Net capital gain (less loss)	$16,066
Taxable individual retirement arrangements distributions	$606,349
Taxable pensions and annuities	$1,455,879
Unemployment compensation [3]	$162,091
Taxable Social Security benefits	$534,479
Self-employment retirement plans	$0
Total itemized deductions [4]	$2,529,169
State and local income taxes	$275,240
State and local general sales tax	$23,226
Real estate taxes	$278,624
Taxes paid	$585,014
Mortgage interest paid	$826,152
Contributions	$303,804
Taxable income	$8,965,610
Total tax credits [5]	$108,381
Residential energy tax credit	$0
Child tax credit	$54,473
Child and dependent care credit	$14,355
Earned income credit [6]	$38,064
Excess earned income credit (refundable) [7]	$32,820
Alternative minimum tax	$0
Income tax [8]	$1,046,171
Total tax liability [9]	$1,138,653
Tax due at time of filing [10]	$71,873
Overpayments refunded [11]	($623,934)

Adjusted Gross Income: $50,000 under $75,000

Number of returns [1]	298
Number of joint returns	124
Number of returns with paid preparer's signature	161
Number of exemptions	565
Number of dependents	82
Adjust gross income (AGI) [2]	$18,468,405
Salaries and wages	$13,863,465
Taxable interest	$430,921
Ordinary dividends	$441,309
Business or professional net income (less loss)	$516,753
Net capital gain (less loss)	$18,111
Taxable individual retirement arrangements distributions	$602,796
Taxable pensions and annuities	$1,861,172
Unemployment compensation [3]	$106,931
Taxable Social Security benefits	$955,048
Self-employment retirement plans	$0
Total itemized deductions [4]	$3,669,229
State and local income taxes	$720,073
State and local general sales tax	$0
Real estate taxes	$426,323
Taxes paid	$1,181,436
Mortgage interest paid	$1,440,670
Contributions	$449,851
Taxable income	$12,061,921
Total tax credits [5]	$123,606
Residential energy tax credit	$0
Child tax credit	$75,291
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$1,682,077
Total tax liability [9]	$1,789,134
Tax due at time of filing [10]	$92,343
Overpayments refunded [11]	($604,287)

Adjusted Gross Income: $75,000 under $100,000

Number of returns [1]	215
Number of joint returns	133
Number of returns with paid preparer's signature	127
Number of exemptions	505
Number of dependents	81
Adjust gross income (AGI) [2]	$18,560,014
Salaries and wages	$12,577,794
Taxable interest	$485,834
Ordinary dividends	$467,966
Business or professional net income (less loss)	$575,669
Net capital gain (less loss)	$135,171
Taxable individual retirement arrangements distributions	$697,613
Taxable pensions and annuities	$2,348,680
Unemployment compensation [3]	$129,217
Taxable Social Security benefits	$896,759
Self-employment retirement plans	$0
Total itemized deductions [4]	$3,812,121
State and local income taxes	$812,628
State and local general sales tax	$0
Real estate taxes	$486,101
Taxes paid	$1,341,271
Mortgage interest paid	$1,632,203
Contributions	$394,920
Taxable income	$12,513,427
Total tax credits [5]	$179,345
Residential energy tax credit	$0
Child tax credit	$98,065
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$1,744,063
Total tax liability [9]	$1,888,503
Tax due at time of filing [10]	$139,902
Overpayments refunded [11]	($527,113)

Adjusted Gross Income: $100,000 under $200,000

Number of returns [1]	458
Number of joint returns	400
Number of returns with paid preparer's signature	279
Number of exemptions	1,370
Number of dependents	252
Adjust gross income (AGI) [2]	$63,684,700
Salaries and wages	$49,403,080
Taxable interest	$1,089,640
Ordinary dividends	$1,503,504
Business or professional net income (less loss)	$2,598,782
Net capital gain (less loss)	$374,929
Taxable individual retirement arrangements distributions	$1,438,289
Taxable pensions and annuities	$3,487,265
Unemployment compensation [3]	$112,114
Taxable Social Security benefits	$1,130,945
Self-employment retirement plans	$303,953
Total itemized deductions [4]	$12,604,651
State and local income taxes	$3,600,335
State and local general sales tax	$0
Real estate taxes	$1,642,455
Taxes paid	$5,375,746
Mortgage interest paid	$4,704,639
Contributions	$1,609,608
Taxable income	$46,072,480
Total tax credits [5]	$222,050
Residential energy tax credit	$0
Child tax credit	$145,271
Child and dependent care credit	$19,943
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$50,118
Income tax [8]	$8,072,562
Total tax liability [9]	$8,511,259
Tax due at time of filing [10]	$652,310
Overpayments refunded [11]	($1,268,426)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	235
Number of joint returns	224
Number of returns with paid preparer's signature	161
Number of exemptions	827
Number of dependents	161
Adjust gross income (AGI) [2]	$95,319,378
Salaries and wages	$65,644,440
Taxable interest	$1,239,973
Ordinary dividends	$2,250,104
Business or professional net income (less loss)	$3,418,182
Net capital gain (less loss)	$4,324,706
Taxable individual retirement arrangements distributions	$1,454,379
Taxable pensions and annuities	$828,681
Unemployment compensation [3]	$0
Taxable Social Security benefits	$528,522
Self-employment retirement plans	$890,131
Total itemized deductions [4]	$13,109,308
State and local income taxes	$6,615,017
State and local general sales tax	$0
Real estate taxes	$1,326,018
Taxes paid	$8,031,641
Mortgage interest paid	$3,180,207
Contributions	$1,704,039
Taxable income	$79,720,256
Total tax credits [5]	$79,175
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$6,271
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$1,107,088
Income tax [8]	$20,691,098
Total tax liability [9]	$21,230,921
Tax due at time of filing [10]	$1,096,984
Overpayments refunded [11]	($1,195,464)

[1] Includes returns with adjusted gross deficit.

[2] Less deficit.

[3] Includes the Alaskan permanent fund, reported by residents of Alaska on Forms 1040A and 1040EZ's. This fund only applies to statistics in the U.S. totals, and the state of Alaska.

[4] "Itemized deductions" include any amounts reported by the taxpayer, even if they could not be used in computing "taxable income," the base on which the regular income tax was computed. Thus, total itemized deductions include amounts that did not have to be reported by taxpayers with no "adjusted gross income." (Adjusted gross income is the total from which these deductions would normally be subtracted.) In addition, if standard and itemized deductions were both reported on a tax return, the form of deduction actually used in computing income tax was the one used for the statistics. Therefore, if the standard deduction was the form of deduction used, the total reported for itemized deductions was excluded from the statistics. However, the component deductions were not similarly excluded. As a result, the number of returns and related amounts for the component deductions are slightly overstated in relation to the grand total shown for itemized deductions. These components are also overstated in relation to the total because there was a statutory limitation on the total of itemized deductions that could be claimed by certain high-income taxpayers. This limitation did not affect the component deductions, the sum of which therefore exceeded the total used in computing income tax.

[5] "Total tax credits" excludes the "earned income credit" which is shown separately.

[6] "Earned income credit" includes both the refundable and non-refundable portions. The non-refundable portion could reduce income tax and certain related taxes to zero. The earned income credit amounts in excess of total tax liability, or amounts when there was no tax liability at all, were refundable. See footnote 7 below for explanation of the refundable portion of the earned income credit.

[7] The refundable portion of the "earned income credit" equals "total income tax" minus the "earned income credit". If the result is negative, this amount is considered the refundable portion.

[8] "Income tax" is in general, the same as "income tax after credits" which was redefined in Tax Year 2000 to include the "alternative minimum tax (AMT)". Zip Code table "Income tax" differs from "total income tax" (in other tables) in that the Zip Code table "Income tax" is after the subtraction of all tax credits except the earned income credit. See footnote 6 and 7 above, for an explanation of the treatment of the earned income credit. "Income tax" reflects the amount reported on the tax return and is, therefore, before any examination or enforcement activities by the Internal Revenue Service. It represents the tax filer reported income tax liability that was payable to the U.S. Department of the Treasury.

[9] For the Zip Code tables, "Total tax liability" differs from "Income tax," in that "Total tax liability" includes the taxes from recapture of certain prior-year credits, tax applicable to individual retirement arrangements (IRA's), Social Security taxes on self-employment income and on certain tip income, advanced earned income payments, household employment taxes, and certain "other taxes" listed in the Form 1040 instructions.

[10] Reflects payments to or withholdings made to "Total tax liability" (footnote 9). The amount the tax filer owes when the income tax return is filed.

[11] The amount of overpayments the tax filer requested to have refunded.