Richest zip codes in US are in New York (from incometaxlist.com) (2009, attorney)

[ron2009]

These zip codes are 10153 10152 10274, over $4M AGI on average from irs income tax data Are they real? How can that be?

[crisp444]

Originally Posted by ron2009

These zip codes are 10153 10152 10274, over $4M AGI on average from irs income tax data Are they real? How can that be?

These figures are highly suspect; I just tried to look up all of these zipcodes in the Census Bureau's American Factfinder and got NO INFORMATION on any of the zipcodes. It literally said that the population of those zipcodes is zero. Perhaps this means that the zipcode just takes into account commercial buildings (where corporate tax returns - as opposed to individual tax returns - are filed).

[bmwguydc]

10153 is the zip code for the General Motors Building on 5th Avenue.

10152 is the zip code for the Segram Building on Park Avenue.

10274 is the USPS designation for P.O. Boxes in Lower Manhattan at Bowling Green Station. I would venture that this was used to file the return as an address of record for the corporate documents, not the physical building address where the company is located.

All of these zip codes are unique to specific buildings/post offices and are not representative of NY neighborhoods where people live.

The indication that these are the wealthiest zip codes is correct, but they are not individual tax returns that are being used to calculate real wealth.

[ron2009]

But if you look at the details page, New York, NY 10153 Tax ,for example, the numbers shown are individual tax return numbers. The census bureau is the estimate, I beleive, and can corporate file individual tax. I read through their data source page, they said it is from individual IRS 1040 filing.

How can that really be? Anyone live there? Or people use that address to file 1040 to hide their physical address?

[bmwguydc]

There are no residential units in any of the buildings listed, nor the post office. There are a few tax returns listed, but it's not a situation where they actually live at the address listed on the return.

[UnemployedFinanceGuy]

Originally Posted by ron2009

But if you look at the details page, New York, NY 10153 Tax ,for example, the numbers shown are individual tax return numbers. The census bureau is the estimate, I beleive, and can corporate file individual tax. I read through their data source page, they said it is from individual IRS 1040 filing.

How can that really be? Anyone live there? Or people use that address to file 1040 to hide their physical address?

Those tax returns are indeed for individual tax filers. The addresses used are the offices of the CPAs, Tax Attorney's, representatives etc. The rich file taxes a bit differently than the rest of us.

[ron2009]

I don't understand, how the rich can file use those zip codes? Will that be counter intuitive, they should choose a low tax place?

[bmwguydc]

No, they are required to file in their state of residence. It is of no consequence to NYS or NYC taxes to file in 10153 or 10021, for example. Trusts and estates are also generally filed to an administrative office address of a CPA or attorney.

[ron2009]

Yes, that makes perfect sense for me now. So they still live in NYC somewhere but file in a different zip code. Very interesting, all these people might choose the same CPA firm.

This is the list I searched on the site and found out

Income and Tax Zip Code List, Ranked by Average Income, Page 1

12 out of top 20 zips

It does look like NY is still the number 1 richest

[UnemployedFinanceGuy]

Originally Posted by bmwguydc

No, they are required to file in their state of residence. It is of no consequence to NYS or NYC taxes to file in 10153 or 10021, for example. Trusts and estates are also generally filed to an administrative office address of a CPA or attorney.

I am working on Bernie Madoff's taxes right now. His address will simply be listed as "Jail".