LOUISVILLE, KY 40202

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ZIP Code 40202 Income Tax Stats

Individual Income by ZIP Code -- Tax Statistics: 2008



40202 Income Tax Overview

Total Number of Tax Returns for ZIP Code 40202 [1] 2,029
Total Number of Joint Tax Returns for ZIP Code 40202 247
Total Number of Dependents for ZIP Code 40202 545
Total Adjusted Gross Income for ZIP Code 40202 168,688,360
Average Income per Person for ZIP Code 40202 $24,910

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] 575
Number of joint returns 12
Number of returns with paid preparer's signature 255
Number of exemptions 633
Number of dependents 96
Adjust gross income (AGI) [2] $2,035,838
Salaries and wages $3,304,327
Taxable interest $255,007
Ordinary dividends $449,167
Business or professional net income (less loss) $113,707
Net capital gain (less loss) $100,404
Taxable individual retirement arrangements distributions $0
Taxable pensions and annuities $103,840
Unemployment compensation [3] $40,886
Taxable Social Security benefits $0
Self-employment retirement plans $0
Total itemized deductions [4] $1,960,130
State and local income taxes $253,141
State and local general sales tax $0
Real estate taxes $0
Taxes paid $349,347
Mortgage interest paid $0
Contributions $0
Taxable income $111,103
Total tax credits [5] $0
Residential energy tax credit $0
Child tax credit $0
Child and dependent care credit $0
Earned income credit [6] $237,240
Excess earned income credit (refundable) [7] $227,178
Alternative minimum tax $0
Income tax [8] $12,861
Total tax liability [9] $90,692
Tax due at time of filing [10] $16,935
Overpayments refunded [11] ($461,302)

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

Number of returns [1] 589
Number of joint returns 31
Number of returns with paid preparer's signature 299
Number of exemptions 1,009
Number of dependents 248
Adjust gross income (AGI) [2] $10,168,531
Salaries and wages $9,135,170
Taxable interest $183,743
Ordinary dividends $183,796
Business or professional net income (less loss) $205,042
Net capital gain (less loss) ($7,150)
Taxable individual retirement arrangements distributions $148,050
Taxable pensions and annuities $444,269
Unemployment compensation [3] $129,566
Taxable Social Security benefits $54,849
Self-employment retirement plans $0
Total itemized deductions [4] $655,908
State and local income taxes $48,584
State and local general sales tax $5,792
Real estate taxes $34,684
Taxes paid $119,873
Mortgage interest paid $258,428
Contributions $61,389
Taxable income $3,048,173
Total tax credits [5] $70,870
Residential energy tax credit $0
Child tax credit $27,247
Child and dependent care credit $9,538
Earned income credit [6] $787,811
Excess earned income credit (refundable) [7] $754,298
Alternative minimum tax $0
Income tax [8] $266,170
Total tax liability [9] $316,908
Tax due at time of filing [10] $20,931
Overpayments refunded [11] ($1,581,700)

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

Number of returns [1] 430
Number of joint returns 37
Number of returns with paid preparer's signature 204
Number of exemptions 640
Number of dependents 105
Adjust gross income (AGI) [2] $14,944,997
Salaries and wages $12,781,474
Taxable interest $297,834
Ordinary dividends $407,413
Business or professional net income (less loss) $198,045
Net capital gain (less loss) $13,484
Taxable individual retirement arrangements distributions $50,124
Taxable pensions and annuities $1,032,944
Unemployment compensation [3] $96,367
Taxable Social Security benefits $285,505
Self-employment retirement plans $0
Total itemized deductions [4] $1,766,895
State and local income taxes $247,990
State and local general sales tax $8,846
Real estate taxes $111,793
Taxes paid $387,136
Mortgage interest paid $293,326
Contributions $145,009
Taxable income $9,098,289
Total tax credits [5] $128,105
Residential energy tax credit $0
Child tax credit $66,237
Child and dependent care credit $11,311
Earned income credit [6] $95,938
Excess earned income credit (refundable) [7] $81,114
Alternative minimum tax $0
Income tax [8] $1,066,520
Total tax liability [9] $1,164,320
Tax due at time of filing [10] $96,301
Overpayments refunded [11] ($822,337)

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

Number of returns [1] 157
Number of joint returns 29
Number of returns with paid preparer's signature 95
Number of exemptions 234
Number of dependents 30
Adjust gross income (AGI) [2] $9,703,969
Salaries and wages $7,187,560
Taxable interest $221,154
Ordinary dividends $516,415
Business or professional net income (less loss) $256,417
Net capital gain (less loss) $32,057
Taxable individual retirement arrangements distributions $502,869
Taxable pensions and annuities $522,049
Unemployment compensation [3] $0
Taxable Social Security benefits $274,979
Self-employment retirement plans $0
Total itemized deductions [4] $1,846,328
State and local income taxes $334,897
State and local general sales tax $9,740
Real estate taxes $142,755
Taxes paid $510,415
Mortgage interest paid $353,469
Contributions $192,446
Taxable income $6,645,533
Total tax credits [5] $42,398
Residential energy tax credit $0
Child tax credit $23,258
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] $997,994
Total tax liability [9] $1,073,400
Tax due at time of filing [10] $119,310
Overpayments refunded [11] ($359,368)

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

Number of returns [1] 77
Number of joint returns 26
Number of returns with paid preparer's signature 48
Number of exemptions 128
Number of dependents 13
Adjust gross income (AGI) [2] $6,587,959
Salaries and wages $4,716,067
Taxable interest $173,190
Ordinary dividends $631,228
Business or professional net income (less loss) $244,678
Net capital gain (less loss) $160,539
Taxable individual retirement arrangements distributions $0
Taxable pensions and annuities $113,143
Unemployment compensation [3] $0
Taxable Social Security benefits $295,016
Self-employment retirement plans $90,669
Total itemized deductions [4] $1,550,521
State and local income taxes $311,568
State and local general sales tax $0
Real estate taxes $82,414
Taxes paid $572,867
Mortgage interest paid $307,026
Contributions $157,870
Taxable income $4,557,740
Total tax credits [5] $36,523
Residential energy tax credit $0
Child tax credit $28,400
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] $701,917
Total tax liability [9] $778,073
Tax due at time of filing [10] $91,312
Overpayments refunded [11] ($259,271)

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

Number of returns [1] 92
Number of joint returns 38
Number of returns with paid preparer's signature 70
Number of exemptions 166
Number of dependents 16
Adjust gross income (AGI) [2] $12,647,441
Salaries and wages $6,015,795
Taxable interest $657,586
Ordinary dividends $1,192,419
Business or professional net income (less loss) $1,273,062
Net capital gain (less loss) $384,067
Taxable individual retirement arrangements distributions $341,585
Taxable pensions and annuities $1,033,904
Unemployment compensation [3] $0
Taxable Social Security benefits $487,301
Self-employment retirement plans $0
Total itemized deductions [4] $2,646,077
State and local income taxes $710,080
State and local general sales tax $61,597
Real estate taxes $204,465
Taxes paid $954,511
Mortgage interest paid $487,496
Contributions $436,898
Taxable income $9,283,336
Total tax credits [5] $77,328
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 $40,052
Income tax [8] $1,738,635
Total tax liability [9] $2,005,956
Tax due at time of filing [10] $263,216
Overpayments refunded [11] ($246,852)

Adjusted Gross Income: $200,000 or more

Number of returns [1] 109
Number of joint returns 74
Number of returns with paid preparer's signature 101
Number of exemptions 258
Number of dependents 37
Adjust gross income (AGI) [2] $112,599,625
Salaries and wages $28,048,870
Taxable interest $3,480,716
Ordinary dividends $19,463,069
Business or professional net income (less loss) $5,365,083
Net capital gain (less loss) $35,876,013
Taxable individual retirement arrangements distributions $943,792
Taxable pensions and annuities $1,127,900
Unemployment compensation [3] $0
Taxable Social Security benefits $708,212
Self-employment retirement plans $715,008
Total itemized deductions [4] $24,102,590
State and local income taxes $8,839,779
State and local general sales tax $0
Real estate taxes $1,383,629
Taxes paid $10,478,341
Mortgage interest paid $1,687,713
Contributions $3,648,629
Taxable income $88,638,645
Total tax credits [5] $78,799
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 $2,076,005
Income tax [8] $21,704,095
Total tax liability [9] $22,709,842
Tax due at time of filing [10] $1,812,682
Overpayments refunded [11] ($921,105)

[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.