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FEDTAXAC
Federal income tax liability, after all credits

Codes

99999999 = N.I.U. (Not in Universe).

Description

FEDTAXAC indicates the amount of federal tax liability, after tax credits are deducted. The credits include the additional child tax credit and the earned income tax credit. For more information about these credits, see the Internal Revenue Service website. FEDTAX indicates the amount of federal tax liability, before tax credits are deducted. Amounts are reported in dollars.

Amounts for FEDTAXAC are expressed in dollars of the given year, rather than in constant dollars adjusted for inflation. Users can adjust for inflation using Consumer Price Index adjustment factors.

Comparability

In 2020, in an attempt to mitigate the economic crisis caused by the COVID-19 pandemic, Congress provided for two rounds of direct payments to individuals. In this year, these Economic Impact Payments are treated as refundable credits for the purpose of calculating FEDTAXAC. For more information on the Economic Impact Payments, see UH_EIPCRD_A1.

Universe

  • Persons age 15+.

Availability

Years Jan Feb ASEC Apr May Jun Jul Aug Sep Oct Nov Dec
2005 – 2021 - - X - - - - - - - - -

Flags

This variable has no flags.