Home » Kentucky » JEFFERSON County » ZIP Code 40223 » Tax Stats

40223 Income Tax Overview

Total Number of Tax Returns for ZIP Code 40223 [1]	11,403
Total Number of Joint Tax Returns for ZIP Code 40223	4,760
Total Number of Dependents for ZIP Code 40223	3,503
Total Adjusted Gross Income for ZIP Code 40223	946,028,935
Average Income per Person for ZIP Code 40223	$42,980

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]	2,043
Number of joint returns	132
Number of returns with paid preparer's signature	949
Number of exemptions	1,413
Number of dependents	173
Adjust gross income (AGI) [2]	$6,184,067
Salaries and wages	$10,265,642
Taxable interest	$1,944,459
Ordinary dividends	$1,067,373
Business or professional net income (less loss)	$828,103
Net capital gain (less loss)	$22,100
Taxable individual retirement arrangements distributions	$297,928
Taxable pensions and annuities	$1,023,781
Unemployment compensation [3]	$100,747
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$4,200,621
State and local income taxes	$387,370
State and local general sales tax	$24,751
Real estate taxes	$696,748
Taxes paid	$1,050,067
Mortgage interest paid	$1,476,171
Contributions	$75,921
Taxable income	$767,497
Total tax credits [5]	$1,582
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$297,754
Excess earned income credit (refundable) [7]	$250,931
Alternative minimum tax	$0
Income tax [8]	$82,788
Total tax liability [9]	$264,602
Tax due at time of filing [10]	$83,872
Overpayments refunded [11]	($1,252,080)

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

Number of returns [1]	1,846
Number of joint returns	220
Number of returns with paid preparer's signature	900
Number of exemptions	2,702
Number of dependents	410
Adjust gross income (AGI) [2]	$31,646,950
Salaries and wages	$23,495,097
Taxable interest	$1,097,708
Ordinary dividends	$1,154,039
Business or professional net income (less loss)	$1,413,493
Net capital gain (less loss)	($126,253)
Taxable individual retirement arrangements distributions	$1,358,591
Taxable pensions and annuities	$3,265,236
Unemployment compensation [3]	$347,647
Taxable Social Security benefits	$226,322
Self-employment retirement plans	$0
Total itemized deductions [4]	$4,961,275
State and local income taxes	$344,458
State and local general sales tax	$68,316
Real estate taxes	$527,368
Taxes paid	$990,459
Mortgage interest paid	$1,448,034
Contributions	$554,881
Taxable income	$10,184,321
Total tax credits [5]	$148,560
Residential energy tax credit	$0
Child tax credit	$42,296
Child and dependent care credit	$7,781
Earned income credit [6]	$846,453
Excess earned income credit (refundable) [7]	$752,217
Alternative minimum tax	$0
Income tax [8]	$963,004
Total tax liability [9]	$1,270,418
Tax due at time of filing [10]	$191,767
Overpayments refunded [11]	($2,760,668)

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

Number of returns [1]	2,352
Number of joint returns	580
Number of returns with paid preparer's signature	1,092
Number of exemptions	4,057
Number of dependents	583
Adjust gross income (AGI) [2]	$85,328,920
Salaries and wages	$62,225,007
Taxable interest	$2,210,519
Ordinary dividends	$2,261,868
Business or professional net income (less loss)	$2,552,086
Net capital gain (less loss)	$572,733
Taxable individual retirement arrangements distributions	$3,281,087
Taxable pensions and annuities	$8,746,586
Unemployment compensation [3]	$715,173
Taxable Social Security benefits	$3,155,412
Self-employment retirement plans	$99,890
Total itemized deductions [4]	$13,675,459
State and local income taxes	$2,794,430
State and local general sales tax	$92,151
Real estate taxes	$1,469,531
Taxes paid	$3,729,456
Mortgage interest paid	$4,632,022
Contributions	$1,611,048
Taxable income	$47,461,315
Total tax credits [5]	$647,805
Residential energy tax credit	$0
Child tax credit	$369,043
Child and dependent care credit	$39,825
Earned income credit [6]	$274,507
Excess earned income credit (refundable) [7]	$213,858
Alternative minimum tax	$0
Income tax [8]	$5,299,763
Total tax liability [9]	$5,836,143
Tax due at time of filing [10]	$479,256
Overpayments refunded [11]	($5,849,819)

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

Number of returns [1]	1,550
Number of joint returns	772
Number of returns with paid preparer's signature	854
Number of exemptions	3,121
Number of dependents	478
Adjust gross income (AGI) [2]	$95,712,134
Salaries and wages	$65,996,459
Taxable interest	$2,427,280
Ordinary dividends	$2,425,934
Business or professional net income (less loss)	$2,540,977
Net capital gain (less loss)	$891,094
Taxable individual retirement arrangements distributions	$3,781,628
Taxable pensions and annuities	$12,137,390
Unemployment compensation [3]	$505,556
Taxable Social Security benefits	$5,388,970
Self-employment retirement plans	$0
Total itemized deductions [4]	$17,538,395
State and local income taxes	$3,676,778
State and local general sales tax	$76,291
Real estate taxes	$1,949,719
Taxes paid	$5,944,050
Mortgage interest paid	$6,337,217
Contributions	$2,253,745
Taxable income	$61,871,495
Total tax credits [5]	$710,016
Residential energy tax credit	$0
Child tax credit	$516,370
Child and dependent care credit	$29,701
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$12,675
Income tax [8]	$8,340,883
Total tax liability [9]	$8,933,017
Tax due at time of filing [10]	$648,470
Overpayments refunded [11]	($3,274,382)

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

Number of returns [1]	1,053
Number of joint returns	803
Number of returns with paid preparer's signature	588
Number of exemptions	2,684
Number of dependents	431
Adjust gross income (AGI) [2]	$91,309,857
Salaries and wages	$63,584,774
Taxable interest	$2,111,896
Ordinary dividends	$2,352,940
Business or professional net income (less loss)	$2,482,471
Net capital gain (less loss)	$812,489
Taxable individual retirement arrangements distributions	$3,338,945
Taxable pensions and annuities	$9,959,640
Unemployment compensation [3]	$193,411
Taxable Social Security benefits	$4,529,081
Self-employment retirement plans	$177,986
Total itemized deductions [4]	$17,903,748
State and local income taxes	$4,356,959
State and local general sales tax	$87,796
Real estate taxes	$2,033,759
Taxes paid	$6,731,155
Mortgage interest paid	$6,400,092
Contributions	$2,703,828
Taxable income	$61,426,011
Total tax credits [5]	$838,973
Residential energy tax credit	$0
Child tax credit	$594,410
Child and dependent care credit	$44,770
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$8,114,107
Total tax liability [9]	$8,660,713
Tax due at time of filing [10]	$569,250
Overpayments refunded [11]	($2,804,107)

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

Number of returns [1]	1,741
Number of joint returns	1,511
Number of returns with paid preparer's signature	997
Number of exemptions	5,038
Number of dependents	924
Adjust gross income (AGI) [2]	$235,757,031
Salaries and wages	$171,967,023
Taxable interest	$4,538,735
Ordinary dividends	$7,492,412
Business or professional net income (less loss)	$9,321,586
Net capital gain (less loss)	$4,122,974
Taxable individual retirement arrangements distributions	$7,908,771
Taxable pensions and annuities	$16,384,461
Unemployment compensation [3]	$303,536
Taxable Social Security benefits	$6,141,154
Self-employment retirement plans	$815,357
Total itemized deductions [4]	$46,773,974
State and local income taxes	$14,462,103
State and local general sales tax	$181,441
Real estate taxes	$5,524,356
Taxes paid	$20,798,372
Mortgage interest paid	$14,595,373
Contributions	$7,842,307
Taxable income	$169,856,626
Total tax credits [5]	$862,729
Residential energy tax credit	$0
Child tax credit	$575,134
Child and dependent care credit	$70,194
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$249,235
Income tax [8]	$29,188,706
Total tax liability [9]	$30,869,713
Tax due at time of filing [10]	$2,227,567
Overpayments refunded [11]	($5,598,241)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	818
Number of joint returns	742
Number of returns with paid preparer's signature	606
Number of exemptions	2,655
Number of dependents	504
Adjust gross income (AGI) [2]	$400,089,976
Salaries and wages	$196,153,843
Taxable interest	$13,637,222
Ordinary dividends	$19,225,075
Business or professional net income (less loss)	$22,898,055
Net capital gain (less loss)	$59,277,622
Taxable individual retirement arrangements distributions	$6,387,151
Taxable pensions and annuities	$6,667,017
Unemployment compensation [3]	$56,747
Taxable Social Security benefits	$2,257,167
Self-employment retirement plans	$3,214,535
Total itemized deductions [4]	$66,091,600
State and local income taxes	$30,981,823
State and local general sales tax	$0
Real estate taxes	$6,459,126
Taxes paid	$38,263,444
Mortgage interest paid	$11,585,934
Contributions	$12,768,499
Taxable income	$326,352,030
Total tax credits [5]	$572,716
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$24,161
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$6,265,937
Income tax [8]	$88,165,255
Total tax liability [9]	$91,326,698
Tax due at time of filing [10]	$10,347,577
Overpayments refunded [11]	($6,838,458)

[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.