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ZIP Code 56588 Income and Tax Statistics
Vining, MN. Individual income tax returns for tax year 2022, from IRS Statistics of Income
- Tax returns
- 260
- 470 people on returns
- Average adjusted gross income
- $65,823
- Minnesota $93,226
- Average salaries and wages
- $53,271
- Returns with wages
- Average income tax
- $9,671
- Minnesota $16,030
Returns by adjusted gross income
Returns with negative income are not included
- $1 to $24,9999034.6%
- $25,000 to $49,9995019.2%
- $50,000 to $74,9995019.2%
- $75,000 to $99,999207.7%
- $100,000 to $199,9995019.2%
- $200,000 or more00.0%
Income, credits and taxes in 56588
Returns that reported each item, the total amount and the average for those returns
Swipe the table sideways to see more columns.
| Item | Returns | Share of returns | Total | Average |
|---|---|---|---|---|
| Salaries and wages | 170 | 65.4% | $9.06M | $53,271 |
| Business or professional income | 50 | 19.2% | $616K | $12,320 |
| Net capital gains | 70 | 26.9% | $436K | $6,229 |
| Taxable pensions and annuities | 90 | 34.6% | $2.07M | $22,956 |
| Taxable Social Security benefits | 80 | 30.8% | $1.32M | $16,513 |
| Itemized deductions | 0 | 0.0% | $0 | Not shown |
| Earned income tax credit | 20 | 7.7% | $43K | $2,150 |
| Refundable child tax credit | 0 | 0.0% | $0 | Not shown |
| Income tax after credits | 170 | 65.4% | $1.64M | $9,671 |
| Refunds | 160 | 61.5% | $320K | $2,000 |
Frequently asked questions
- What is the average income in ZIP code 56588?
- For tax year 2022, the average adjusted gross income on the 260 individual tax returns filed in 56588 was $65,823, compared with $93,226 for Minnesota.
- How many people in 56588 get the earned income tax credit?
- 20 returns in 56588 (7.7%) claimed the earned income tax credit for tax year 2022.
- Why might these numbers differ from Census income figures?
- IRS figures count tax returns, not households, and use adjusted gross income from the return. People who do not file a return are not included.
Source: Internal Revenue Service, Statistics of Income · Tax year 2022