Home » Texas » DALLAS County » ZIP Code 75040 » Tax Stats

75040 Income Tax Overview

Total Number of Tax Returns for ZIP Code 75040 [1]	25,587
Total Number of Joint Tax Returns for ZIP Code 75040	9,395
Total Number of Dependents for ZIP Code 75040	12,518
Total Adjusted Gross Income for ZIP Code 75040	1,000,142,641
Average Income per Person for ZIP Code 75040	$16,836

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]	4,360
Number of joint returns	467
Number of returns with paid preparer's signature	2,108
Number of exemptions	4,841
Number of dependents	899
Adjust gross income (AGI) [2]	$19,640,540
Salaries and wages	$17,903,302
Taxable interest	$451,862
Ordinary dividends	$232,822
Business or professional net income (less loss)	$2,161,044
Net capital gain (less loss)	($120,869)
Taxable individual retirement arrangements distributions	$444,923
Taxable pensions and annuities	$1,017,513
Unemployment compensation [3]	$210,897
Taxable Social Security benefits	$52,670
Self-employment retirement plans	$0
Total itemized deductions [4]	$2,101,430
State and local income taxes	$0
State and local general sales tax	$49,643
Real estate taxes	$347,838
Taxes paid	$428,108
Mortgage interest paid	$768,579
Contributions	$86,984
Taxable income	$914,352
Total tax credits [5]	$1,714
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$1,867,500
Excess earned income credit (refundable) [7]	$1,551,378
Alternative minimum tax	$0
Income tax [8]	$90,518
Total tax liability [9]	$781,739
Tax due at time of filing [10]	$280,565
Overpayments refunded [11]	($3,205,544)

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

Number of returns [1]	6,972
Number of joint returns	1,389
Number of returns with paid preparer's signature	4,304
Number of exemptions	15,059
Number of dependents	3,753
Adjust gross income (AGI) [2]	$120,943,724
Salaries and wages	$99,889,632
Taxable interest	$927,746
Ordinary dividends	$437,714
Business or professional net income (less loss)	$13,155,670
Net capital gain (less loss)	($103,414)
Taxable individual retirement arrangements distributions	$1,705,479
Taxable pensions and annuities	$4,552,446
Unemployment compensation [3]	$1,551,704
Taxable Social Security benefits	$244,278
Self-employment retirement plans	$0
Total itemized deductions [4]	$7,858,918
State and local income taxes	$24,507
State and local general sales tax	$265,190
Real estate taxes	$1,081,345
Taxes paid	$1,415,093
Mortgage interest paid	$2,561,480
Contributions	$596,107
Taxable income	$27,971,098
Total tax credits [5]	$722,968
Residential energy tax credit	$0
Child tax credit	$331,657
Child and dependent care credit	$53,515
Earned income credit [6]	$10,162,473
Excess earned income credit (refundable) [7]	$8,593,776
Alternative minimum tax	$0
Income tax [8]	$2,310,868
Total tax liability [9]	$4,564,311
Tax due at time of filing [10]	$602,371
Overpayments refunded [11]	($18,147,152)

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

Number of returns [1]	7,486
Number of joint returns	2,649
Number of returns with paid preparer's signature	4,214
Number of exemptions	18,910
Number of dependents	4,202
Adjust gross income (AGI) [2]	$268,225,302
Salaries and wages	$242,123,787
Taxable interest	$1,498,861
Ordinary dividends	$538,433
Business or professional net income (less loss)	$8,971,304
Net capital gain (less loss)	$46,357
Taxable individual retirement arrangements distributions	$3,474,557
Taxable pensions and annuities	$8,388,818
Unemployment compensation [3]	$1,838,209
Taxable Social Security benefits	$2,717,928
Self-employment retirement plans	$0
Total itemized deductions [4]	$23,684,527
State and local income taxes	$116,992
State and local general sales tax	$1,232,535
Real estate taxes	$4,043,131
Taxes paid	$5,626,721
Mortgage interest paid	$9,284,450
Contributions	$2,671,573
Taxable income	$130,785,287
Total tax credits [5]	$4,053,702
Residential energy tax credit	$22,019
Child tax credit	$2,856,769
Child and dependent care credit	$312,116
Earned income credit [6]	$2,651,355
Excess earned income credit (refundable) [7]	$2,094,710
Alternative minimum tax	$0
Income tax [8]	$12,229,263
Total tax liability [9]	$14,143,277
Tax due at time of filing [10]	$1,119,361
Overpayments refunded [11]	($19,156,147)

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

Number of returns [1]	3,352
Number of joint returns	2,026
Number of returns with paid preparer's signature	1,696
Number of exemptions	9,005
Number of dependents	1,769
Adjust gross income (AGI) [2]	$204,047,338
Salaries and wages	$181,446,362
Taxable interest	$1,646,904
Ordinary dividends	$671,519
Business or professional net income (less loss)	$4,241,306
Net capital gain (less loss)	$122,170
Taxable individual retirement arrangements distributions	$3,312,184
Taxable pensions and annuities	$7,639,025
Unemployment compensation [3]	$860,885
Taxable Social Security benefits	$4,354,626
Self-employment retirement plans	$71,227
Total itemized deductions [4]	$23,234,835
State and local income taxes	$181,306
State and local general sales tax	$1,423,382
Real estate taxes	$3,990,321
Taxes paid	$5,788,059
Mortgage interest paid	$8,730,012
Contributions	$3,727,761
Taxable income	$130,172,539
Total tax credits [5]	$2,847,130
Residential energy tax credit	$5,991
Child tax credit	$2,269,538
Child and dependent care credit	$175,012
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$15,656,117
Total tax liability [9]	$16,688,594
Tax due at time of filing [10]	$1,027,497
Overpayments refunded [11]	($8,160,659)

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

Number of returns [1]	1,697
Number of joint returns	1,347
Number of returns with paid preparer's signature	728
Number of exemptions	4,763
Number of dependents	927
Adjust gross income (AGI) [2]	$146,286,490
Salaries and wages	$130,762,892
Taxable interest	$1,162,430
Ordinary dividends	$718,146
Business or professional net income (less loss)	$2,872,124
Net capital gain (less loss)	$178,924
Taxable individual retirement arrangements distributions	$2,380,436
Taxable pensions and annuities	$5,274,269
Unemployment compensation [3]	$440,629
Taxable Social Security benefits	$2,645,758
Self-employment retirement plans	$0
Total itemized deductions [4]	$16,453,520
State and local income taxes	$183,911
State and local general sales tax	$1,130,223
Real estate taxes	$2,853,016
Taxes paid	$4,264,138
Mortgage interest paid	$6,121,552
Contributions	$2,890,834
Taxable income	$104,363,560
Total tax credits [5]	$1,512,411
Residential energy tax credit	$0
Child tax credit	$1,095,337
Child and dependent care credit	$122,520
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$14,166,090
Total tax liability [9]	$14,821,599
Tax due at time of filing [10]	$787,903
Overpayments refunded [11]	($4,349,915)

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

Number of returns [1]	1,595
Number of joint returns	1,415
Number of returns with paid preparer's signature	677
Number of exemptions	4,669
Number of dependents	912
Adjust gross income (AGI) [2]	$203,695,286
Salaries and wages	$178,740,567
Taxable interest	$1,664,351
Ordinary dividends	$1,122,282
Business or professional net income (less loss)	$3,588,277
Net capital gain (less loss)	$968,263
Taxable individual retirement arrangements distributions	$3,868,031
Taxable pensions and annuities	$9,588,372
Unemployment compensation [3]	$481,295
Taxable Social Security benefits	$2,159,129
Self-employment retirement plans	$310,895
Total itemized deductions [4]	$22,593,595
State and local income taxes	$272,943
State and local general sales tax	$1,847,979
Real estate taxes	$3,806,751
Taxes paid	$6,123,594
Mortgage interest paid	$7,602,093
Contributions	$5,233,223
Taxable income	$158,644,554
Total tax credits [5]	$905,430
Residential energy tax credit	$0
Child tax credit	$583,973
Child and dependent care credit	$108,618
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$75,148
Income tax [8]	$27,856,830
Total tax liability [9]	$28,740,756
Tax due at time of filing [10]	$2,162,736
Overpayments refunded [11]	($3,493,230)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	125
Number of joint returns	102
Number of returns with paid preparer's signature	71
Number of exemptions	331
Number of dependents	56
Adjust gross income (AGI) [2]	$37,303,961
Salaries and wages	$23,529,014
Taxable interest	$737,003
Ordinary dividends	$405,097
Business or professional net income (less loss)	$1,369,308
Net capital gain (less loss)	$3,193,265
Taxable individual retirement arrangements distributions	$1,099,384
Taxable pensions and annuities	$1,925,248
Unemployment compensation [3]	$0
Taxable Social Security benefits	$344,758
Self-employment retirement plans	$0
Total itemized deductions [4]	$4,583,287
State and local income taxes	$97,473
State and local general sales tax	$237,212
Real estate taxes	$435,647
Taxes paid	$773,847
Mortgage interest paid	$675,548
Contributions	$1,050,368
Taxable income	$31,306,110
Total tax credits [5]	$16,626
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$102,445
Income tax [8]	$7,421,476
Total tax liability [9]	$7,712,761
Tax due at time of filing [10]	$1,220,995
Overpayments refunded [11]	($400,594)

[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.