ARIZONA NEWS

Here’s what it takes to be in the top 1% of earners in Arizona

Oct 15, 2023, 5:00 AM

(Pexels Photo)...

(Pexels Photo)

(Pexels Photo)

Being in the top 1% of earners in Arizona requires 22% more income than it did five years ago.

That’s according to data from the Internal Revenue Service, which shows the cutoff for each adjusted gross income by percentile in each state. The data is based on the 2020 tax year and percentiles are based on total tax filers, so they don’t distinguish by marital or household status.

In Arizona, the cutoff for being in the top 1% of earners was $485,146 in 2020. That’s up from $396,205 in 2015.

The Grand Canyon State lands right in the middle of the pack at No. 24 in the nation for the adjusted gross income needed to land in the top 1% of earners. California to the west ranked No. 4 on the list with $726,188 needed to crest the top 1% of earners, while New Mexico to the east ranked No. 49 with $353,858.

Nationally, the cutoff to be in the top 1% of earners is $561,351 which is up 16.5% from 2015’s cutoff of $482,050. The cutoff for the top 25% of earners nationally was $87,946 in 2020, which was up 9% from 2015.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Here’s what it takes to be in the top 1% of earners in Arizona