July 2002
Journal of Financial Planning;Jul2002, Vol. 15 Issue 7, p26
Academic Journal
This section presents financial data in the U.S. as of July 2002. The estimated number of taxpayers who overpaid their federal taxes because they did not itemize was 948,000. The percentage of overpaying non-itemizers whose returns were prepared by third-party tax preparers was 20. The percentage of taxpayers with adjusted gross income of $1 million or higher who do not itemize was 9. The percentage of 401 (k) plan sponsors that match with company stock that do not impose trading restrictions was 66. 58 percent of respondents in a study have little or no awareness of changes in the 2001 Tax Relief Act that would help them save more for their retirement.


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