IRS releases preliminary 2015 tax data

According to IRS data for the 2015 tax year, taxpayers’ income increased compared with the 2014 tax year. The numbers show increases in many income items, including salary, wages, business income and dividends, no doubt reflecting an improving economic environment. The data also shows increased payments to Health Savings Accounts, a significant drop in the penalty for early retirement plan withdrawals and dramatic increases in Affordable Care Act-related penalties and surtaxes.