Home » Georgia » LOWNDES County » VALDOSTA, GA » ZIP Code 31603 » Tax Stats

31603 Income Tax Overview

Total Number of Tax Returns for ZIP Code 31603 [1]	605
Total Number of Joint Tax Returns for ZIP Code 31603	191
Total Number of Dependents for ZIP Code 31603	264
Total Adjusted Gross Income for ZIP Code 31603	43,224,830
Average Income per Person for ZIP Code 31603	$43,224,830

The following tables break down the Income Tax Statistics into different Gross Income levels.

Adjusted Gross Income: Under $10,000 [1]

Number of returns [1]	110
Number of joint returns	17
Number of returns with paid preparer's signature	65
Number of exemptions	166
Number of dependents	37
Adjust gross income (AGI) [2]	$350,543
Salaries and wages	$583,306
Taxable interest	$33,145
Ordinary dividends	$5,613
Business or professional net income (less loss)	($68,823)
Net capital gain (less loss)	$46,672
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$63,628
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$0
State and local income taxes	$0
State and local general sales tax	$0
Real estate taxes	$0
Taxes paid	$0
Mortgage interest paid	$0
Contributions	$0
Taxable income	$0
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$83,579
Excess earned income credit (refundable) [7]	$78,528
Alternative minimum tax	$0
Income tax [8]	$0
Total tax liability [9]	$16,403
Tax due at time of filing [10]	$6,120
Overpayments refunded [11]	($184,968)

Adjusted Gross Income: $10,000 under $25,000

Number of returns [1]	166
Number of joint returns	17
Number of returns with paid preparer's signature	108
Number of exemptions	321
Number of dependents	90
Adjust gross income (AGI) [2]	$2,804,915
Salaries and wages	$2,370,613
Taxable interest	$20,817
Ordinary dividends	$13,811
Business or professional net income (less loss)	$85,781
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$69,223
Taxable pensions and annuities	$195,491
Unemployment compensation [3]	$53,417
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$504,848
State and local income taxes	$24,939
State and local general sales tax	$6,748
Real estate taxes	$34,854
Taxes paid	$104,346
Mortgage interest paid	$136,449
Contributions	$71,238
Taxable income	$585,067
Total tax credits [5]	$13,713
Residential energy tax credit	$0
Child tax credit	$8,055
Child and dependent care credit	$0
Earned income credit [6]	$289,333
Excess earned income credit (refundable) [7]	$275,533
Alternative minimum tax	$0
Income tax [8]	$47,990
Total tax liability [9]	$67,158
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($521,290)

Adjusted Gross Income: $25,000 under $50,000

Number of returns [1]	161
Number of joint returns	39
Number of returns with paid preparer's signature	107
Number of exemptions	342
Number of dependents	81
Adjust gross income (AGI) [2]	$5,564,713
Salaries and wages	$4,486,593
Taxable interest	$116,088
Ordinary dividends	$4,617
Business or professional net income (less loss)	$73,242
Net capital gain (less loss)	$82,366
Taxable individual retirement arrangements distributions	$72,725
Taxable pensions and annuities	$557,987
Unemployment compensation [3]	$48,844
Taxable Social Security benefits	$125,168
Self-employment retirement plans	$0
Total itemized deductions [4]	$835,205
State and local income taxes	$104,279
State and local general sales tax	$0
Real estate taxes	$33,716
Taxes paid	$176,807
Mortgage interest paid	$225,439
Contributions	$146,631
Taxable income	$2,718,591
Total tax credits [5]	$62,842
Residential energy tax credit	$0
Child tax credit	$60,316
Child and dependent care credit	$8,000
Earned income credit [6]	$78,521
Excess earned income credit (refundable) [7]	$57,929
Alternative minimum tax	$0
Income tax [8]	$268,798
Total tax liability [9]	$297,390
Tax due at time of filing [10]	$19,758
Overpayments refunded [11]	($383,565)

Adjusted Gross Income: $50,000 under $75,000

Number of returns [1]	62
Number of joint returns	35
Number of returns with paid preparer's signature	47
Number of exemptions	125
Number of dependents	30
Adjust gross income (AGI) [2]	$3,849,848
Salaries and wages	$2,709,901
Taxable interest	$142,106
Ordinary dividends	$98,463
Business or professional net income (less loss)	$55,183
Net capital gain (less loss)	$2,466
Taxable individual retirement arrangements distributions	$41,459
Taxable pensions and annuities	$780,742
Unemployment compensation [3]	$0
Taxable Social Security benefits	$209,941
Self-employment retirement plans	$0
Total itemized deductions [4]	$863,181
State and local income taxes	$94,688
State and local general sales tax	$0
Real estate taxes	$58,456
Taxes paid	$183,805
Mortgage interest paid	$230,975
Contributions	$139,348
Taxable income	$2,309,690
Total tax credits [5]	$43,691
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$304,265
Total tax liability [9]	$332,296
Tax due at time of filing [10]	$37,883
Overpayments refunded [11]	($144,884)

Adjusted Gross Income: $75,000 under $100,000

Number of returns [1]	25
Number of joint returns	21
Number of returns with paid preparer's signature	17
Number of exemptions	60
Number of dependents	0
Adjust gross income (AGI) [2]	$2,127,618
Salaries and wages	$1,559,288
Taxable interest	$28,697
Ordinary dividends	$0
Business or professional net income (less loss)	$0
Net capital gain (less loss)	($3,749)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$0
Unemployment compensation [3]	$0
Taxable Social Security benefits	$252,687
Self-employment retirement plans	$0
Total itemized deductions [4]	$480,347
State and local income taxes	$73,506
State and local general sales tax	$0
Real estate taxes	$38,219
Taxes paid	$126,095
Mortgage interest paid	$177,239
Contributions	$85,616
Taxable income	$1,364,411
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$17,750
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$169,744
Total tax liability [9]	$179,411
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($62,166)

Adjusted Gross Income: $100,000 under $200,000

Number of returns [1]	48
Number of joint returns	43
Number of returns with paid preparer's signature	38
Number of exemptions	121
Number of dependents	26
Adjust gross income (AGI) [2]	$6,422,349
Salaries and wages	$3,285,802
Taxable interest	$371,858
Ordinary dividends	$139,979
Business or professional net income (less loss)	$640,897
Net capital gain (less loss)	$517,736
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$674,762
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,094,336
State and local income taxes	$240,087
State and local general sales tax	$0
Real estate taxes	$140,696
Taxes paid	$394,188
Mortgage interest paid	$345,940
Contributions	$171,273
Taxable income	$4,805,417
Total tax credits [5]	$15,651
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$800,086
Total tax liability [9]	$915,960
Tax due at time of filing [10]	$143,278
Overpayments refunded [11]	($183,445)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	33
Number of joint returns	19
Number of returns with paid preparer's signature	32
Number of exemptions	70
Number of dependents	0
Adjust gross income (AGI) [2]	$22,104,844
Salaries and wages	$5,182,169
Taxable interest	$1,573,929
Ordinary dividends	$1,532,651
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$4,021,928
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$0
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$4,750,227
State and local income taxes	$1,361,691
State and local general sales tax	$0
Real estate taxes	$192,159
Taxes paid	$1,569,872
Mortgage interest paid	$337,962
Contributions	$1,247,194
Taxable income	$17,197,345
Total tax credits [5]	$15,016
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$209,823
Income tax [8]	$2,940,113
Total tax liability [9]	$3,093,906
Tax due at time of filing [10]	$412,865
Overpayments refunded [11]	($237,542)

[1] Includes returns with adjusted gross deficit.

[2] Less deficit.

[3] Includes the Alaskan permanent fund, reported by residents of Alaska on Forms 1040A and 1040EZ's. This fund only applies to statistics in the U.S. totals, and the state of Alaska.

[4] "Itemized deductions" include any amounts reported by the taxpayer, even if they could not be used in computing "taxable income," the base on which the regular income tax was computed. Thus, total itemized deductions include amounts that did not have to be reported by taxpayers with no "adjusted gross income." (Adjusted gross income is the total from which these deductions would normally be subtracted.) In addition, if standard and itemized deductions were both reported on a tax return, the form of deduction actually used in computing income tax was the one used for the statistics. Therefore, if the standard deduction was the form of deduction used, the total reported for itemized deductions was excluded from the statistics. However, the component deductions were not similarly excluded. As a result, the number of returns and related amounts for the component deductions are slightly overstated in relation to the grand total shown for itemized deductions. These components are also overstated in relation to the total because there was a statutory limitation on the total of itemized deductions that could be claimed by certain high-income taxpayers. This limitation did not affect the component deductions, the sum of which therefore exceeded the total used in computing income tax.

[5] "Total tax credits" excludes the "earned income credit" which is shown separately.

[6] "Earned income credit" includes both the refundable and non-refundable portions. The non-refundable portion could reduce income tax and certain related taxes to zero. The earned income credit amounts in excess of total tax liability, or amounts when there was no tax liability at all, were refundable. See footnote 7 below for explanation of the refundable portion of the earned income credit.

[7] The refundable portion of the "earned income credit" equals "total income tax" minus the "earned income credit". If the result is negative, this amount is considered the refundable portion.

[8] "Income tax" is in general, the same as "income tax after credits" which was redefined in Tax Year 2000 to include the "alternative minimum tax (AMT)". Zip Code table "Income tax" differs from "total income tax" (in other tables) in that the Zip Code table "Income tax" is after the subtraction of all tax credits except the earned income credit. See footnote 6 and 7 above, for an explanation of the treatment of the earned income credit. "Income tax" reflects the amount reported on the tax return and is, therefore, before any examination or enforcement activities by the Internal Revenue Service. It represents the tax filer reported income tax liability that was payable to the U.S. Department of the Treasury.

[9] For the Zip Code tables, "Total tax liability" differs from "Income tax," in that "Total tax liability" includes the taxes from recapture of certain prior-year credits, tax applicable to individual retirement arrangements (IRA's), Social Security taxes on self-employment income and on certain tip income, advanced earned income payments, household employment taxes, and certain "other taxes" listed in the Form 1040 instructions.

[10] Reflects payments to or withholdings made to "Total tax liability" (footnote 9). The amount the tax filer owes when the income tax return is filed.

[11] The amount of overpayments the tax filer requested to have refunded.