March 14, 1990
Taxpayers Can Designate One Dollar of Their Taxes
to Help Fund Presidential Elections
WASHINGTON - The Internal Revenue Service today reminded
taxpayers who have not yet filed their federal income tax returns
that they can designate one dollar of their tax to help fund
presidential elections by checking a special box on their tax forms.
For a married couple filing a joint return, each spouse may check a
box to designate a dollar to the fund.
An early sampling of tax returns filed so far this year
indicates that almost 25 percent show designations to the fund.
Money in the fund is used in the federal matching program to help
finance presidential elections.
The IRS said that in 1989 over 22 million tax returns -- or
approximately 20 percent -- showed designations totaling over $32
million to the presidential election campaign fund. This brings the
amount credited to the fund since it began in 1972 to $567 million.
Presidential election campaign fund designations are more
likely to appear on returns filed later in the tax filing season,
the IRS said. Almost two-thirds of the $32 million designated last
year -- $21 million -- was shown on returns filed in March and
The IRS reminded taxpayers that the presidential election
campaign fund designation does not change the amount of tax or
reduce the amount of the refund. The designations have no impact at
all in the computation of tax liability.
In the filing statistics released this week, IRS noted that
filing and processing of returns are still running ahead of last
year, with almost 45 million returns filed as of March 9 and almost
33 million processed. Over 3 million returns have been filed
electronically, an increase of 281 percent over last year.
Refunds are also on the rise. Over 21 million refunds have
been authorized as of March 8, and the average refund is up somewhat
over last year, at $852.
Previous | Next
1990 IRS News Releases | News Releases Main | Home