Home » Minnesota » HENNEPIN County » MINNEAPOLIS, MN » ZIP Code 55422 » Tax Stats

55422 Income Tax Overview

Total Number of Tax Returns for ZIP Code 55422 [1]	15,139
Total Number of Joint Tax Returns for ZIP Code 55422	5,072
Total Number of Dependents for ZIP Code 55422	4,032
Total Adjusted Gross Income for ZIP Code 55422	907,610,699
Average Income per Person for ZIP Code 55422	$32,624

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]	2,589
Number of joint returns	129
Number of returns with paid preparer's signature	1,352
Number of exemptions	2,359
Number of dependents	244
Adjust gross income (AGI) [2]	$9,979,689
Salaries and wages	$10,403,538
Taxable interest	$718,339
Ordinary dividends	$706,007
Business or professional net income (less loss)	($542,854)
Net capital gain (less loss)	$371,895
Taxable individual retirement arrangements distributions	$480,611
Taxable pensions and annuities	$1,219,307
Unemployment compensation [3]	$198,672
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$3,968,459
State and local income taxes	$384,417
State and local general sales tax	$42,623
Real estate taxes	$611,404
Taxes paid	$1,067,735
Mortgage interest paid	$1,228,530
Contributions	$112,114
Taxable income	$1,190,857
Total tax credits [5]	$866
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$511,887
Excess earned income credit (refundable) [7]	$444,059
Alternative minimum tax	$0
Income tax [8]	$117,617
Total tax liability [9]	$317,439
Tax due at time of filing [10]	$104,025
Overpayments refunded [11]	($1,413,825)

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

Number of returns [1]	2,560
Number of joint returns	306
Number of returns with paid preparer's signature	1,340
Number of exemptions	3,730
Number of dependents	586
Adjust gross income (AGI) [2]	$44,121,311
Salaries and wages	$31,353,878
Taxable interest	$1,433,467
Ordinary dividends	$1,099,314
Business or professional net income (less loss)	$2,585,764
Net capital gain (less loss)	($6,126)
Taxable individual retirement arrangements distributions	$2,087,875
Taxable pensions and annuities	$5,209,310
Unemployment compensation [3]	$809,331
Taxable Social Security benefits	$332,089
Self-employment retirement plans	$0
Total itemized deductions [4]	$6,376,611
State and local income taxes	$352,226
State and local general sales tax	$113,743
Real estate taxes	$902,045
Taxes paid	$1,401,157
Mortgage interest paid	$1,920,101
Contributions	$562,057
Taxable income	$14,716,080
Total tax credits [5]	$229,599
Residential energy tax credit	$0
Child tax credit	$66,994
Child and dependent care credit	$22,270
Earned income credit [6]	$1,648,713
Excess earned income credit (refundable) [7]	$1,454,127
Alternative minimum tax	$0
Income tax [8]	$1,367,479
Total tax liability [9]	$1,834,392
Tax due at time of filing [10]	$251,006
Overpayments refunded [11]	($3,899,946)

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

Number of returns [1]	3,799
Number of joint returns	705
Number of returns with paid preparer's signature	1,827
Number of exemptions	6,193
Number of dependents	941
Adjust gross income (AGI) [2]	$140,174,276
Salaries and wages	$115,922,286
Taxable interest	$2,359,572
Ordinary dividends	$1,653,675
Business or professional net income (less loss)	$3,463,273
Net capital gain (less loss)	$393,137
Taxable individual retirement arrangements distributions	$3,217,093
Taxable pensions and annuities	$9,504,286
Unemployment compensation [3]	$1,410,734
Taxable Social Security benefits	$3,438,665
Self-employment retirement plans	$77,420
Total itemized deductions [4]	$22,378,044
State and local income taxes	$2,669,705
State and local general sales tax	$135,101
Real estate taxes	$3,325,007
Taxes paid	$6,301,324
Mortgage interest paid	$9,940,869
Contributions	$1,911,032
Taxable income	$80,926,162
Total tax credits [5]	$1,138,413
Residential energy tax credit	$0
Child tax credit	$653,152
Child and dependent care credit	$81,472
Earned income credit [6]	$496,387
Excess earned income credit (refundable) [7]	$406,315
Alternative minimum tax	$0
Income tax [8]	$9,294,048
Total tax liability [9]	$10,067,879
Tax due at time of filing [10]	$722,719
Overpayments refunded [11]	($6,622,850)

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

Number of returns [1]	2,507
Number of joint returns	1,077
Number of returns with paid preparer's signature	1,307
Number of exemptions	4,898
Number of dependents	730
Adjust gross income (AGI) [2]	$154,453,428
Salaries and wages	$123,144,179
Taxable interest	$2,678,890
Ordinary dividends	$2,307,375
Business or professional net income (less loss)	$3,483,634
Net capital gain (less loss)	$390,936
Taxable individual retirement arrangements distributions	$3,953,506
Taxable pensions and annuities	$11,846,546
Unemployment compensation [3]	$886,294
Taxable Social Security benefits	$6,122,438
Self-employment retirement plans	$135,174
Total itemized deductions [4]	$31,466,783
State and local income taxes	$5,642,325
State and local general sales tax	$90,298
Real estate taxes	$4,382,851
Taxes paid	$10,347,720
Mortgage interest paid	$13,837,467
Contributions	$3,176,428
Taxable income	$99,416,597
Total tax credits [5]	$1,205,012
Residential energy tax credit	$0
Child tax credit	$901,145
Child and dependent care credit	$65,416
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$13,432,772
Total tax liability [9]	$14,154,413
Tax due at time of filing [10]	$879,038
Overpayments refunded [11]	($5,609,081)

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

Number of returns [1]	1,553
Number of joint returns	1,107
Number of returns with paid preparer's signature	797
Number of exemptions	3,707
Number of dependents	590
Adjust gross income (AGI) [2]	$134,514,293
Salaries and wages	$106,413,803
Taxable interest	$2,427,026
Ordinary dividends	$2,437,121
Business or professional net income (less loss)	$3,490,705
Net capital gain (less loss)	$805,427
Taxable individual retirement arrangements distributions	$3,231,532
Taxable pensions and annuities	$9,502,328
Unemployment compensation [3]	$597,258
Taxable Social Security benefits	$4,942,074
Self-employment retirement plans	$204,753
Total itemized deductions [4]	$27,162,681
State and local income taxes	$5,816,100
State and local general sales tax	$23,733
Real estate taxes	$3,862,502
Taxes paid	$9,931,760
Mortgage interest paid	$11,073,903
Contributions	$3,010,252
Taxable income	$91,395,856
Total tax credits [5]	$1,162,756
Residential energy tax credit	$0
Child tax credit	$741,061
Child and dependent care credit	$64,781
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$12,631,235
Total tax liability [9]	$13,317,635
Tax due at time of filing [10]	$753,938
Overpayments refunded [11]	($4,104,897)

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

Number of returns [1]	1,682
Number of joint returns	1,383
Number of returns with paid preparer's signature	928
Number of exemptions	4,402
Number of dependents	755
Adjust gross income (AGI) [2]	$220,080,715
Salaries and wages	$174,025,444
Taxable interest	$3,644,482
Ordinary dividends	$4,287,790
Business or professional net income (less loss)	$6,676,320
Net capital gain (less loss)	$1,707,723
Taxable individual retirement arrangements distributions	$7,185,782
Taxable pensions and annuities	$11,923,199
Unemployment compensation [3]	$435,527
Taxable Social Security benefits	$4,627,577
Self-employment retirement plans	$491,083
Total itemized deductions [4]	$43,048,179
State and local income taxes	$11,938,116
State and local general sales tax	$38,635
Real estate taxes	$6,182,075
Taxes paid	$18,501,048
Mortgage interest paid	$15,854,183
Contributions	$5,413,154
Taxable income	$160,627,370
Total tax credits [5]	$884,501
Residential energy tax credit	$0
Child tax credit	$515,900
Child and dependent care credit	$97,625
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$112,917
Income tax [8]	$27,884,881
Total tax liability [9]	$29,055,108
Tax due at time of filing [10]	$1,924,501
Overpayments refunded [11]	($4,511,447)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	449
Number of joint returns	365
Number of returns with paid preparer's signature	358
Number of exemptions	1,170
Number of dependents	186
Adjust gross income (AGI) [2]	$204,286,987
Salaries and wages	$119,063,719
Taxable interest	$5,674,084
Ordinary dividends	$8,915,557
Business or professional net income (less loss)	$7,022,858
Net capital gain (less loss)	$22,395,869
Taxable individual retirement arrangements distributions	$4,534,553
Taxable pensions and annuities	$4,292,466
Unemployment compensation [3]	$0
Taxable Social Security benefits	$2,195,876
Self-employment retirement plans	$1,327,897
Total itemized deductions [4]	$38,207,171
State and local income taxes	$14,329,983
State and local general sales tax	$0
Real estate taxes	$3,715,178
Taxes paid	$18,213,618
Mortgage interest paid	$6,577,087
Contributions	$8,062,081
Taxable income	$165,957,019
Total tax credits [5]	$280,235
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$12,929
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$2,684,641
Income tax [8]	$44,964,274
Total tax liability [9]	$45,974,886
Tax due at time of filing [10]	$5,156,562
Overpayments refunded [11]	($3,904,697)

[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.