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ZIP Code Database - Facts & Stats

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MAGOFFIN, KY IRS Tax Stats



MAGOFFIN, KY Income Tax Overview

2010 Population for MAGOFFIN, KY 0
Total Number of Tax Returns for MAGOFFIN, KY [1] 3,812
Total Number of Joint Tax Returns for MAGOFFIN, KY 2,060
Total Number of Dependents for MAGOFFIN, KY 1,809
Total Adjusted Gross Income for MAGOFFIN, KY $133,404,567

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


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

Number of tax returns [1] 857
Number of joint returns 226
Number of returns with paid preparer's signature 695
Number of exemptions 1,388
Number of dependents 297
Adjust gross income (AGI) [2] $3,674,915
Salaries and wages $3,287,849
Taxable interest $226,509
Ordinary dividends $6,023
Business or professional net income (less loss) $595,524
Net capital gain (less loss) $39,551
Taxable individual retirement arrangements distributions $0
Taxable pensions and annuities $292,401
Unemployment compensation [3] $84,239
Taxable Social Security benefits $0
Self-employment retirement plans $0
Total itemized deductions [4] $321,520
State and local income taxes $0
State and local general sales tax $0
Real estate taxes $14,918
Taxes paid $42,425
Mortgage interest paid $0
Contributions $0
Taxable income $100,796
Total tax credits [5] $0
Residential energy tax credit $0
Child tax credit $0
Child and dependent care credit $0
Earned income credit [6] $637,285
Excess earned income credit (refundable) [7] $533,110
Alternative minimum tax $0
Income tax [8] $9,286
Total tax liability [9] $147,482
Tax due at time of filing [10] $21,278
Overpayments refunded [11]

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

Number of tax returns [1] 957
Number of joint returns 406
Number of returns with paid preparer's signature 825
Number of exemptions 2,131
Number of dependents 457
Adjust gross income (AGI) [2] $16,213,464
Salaries and wages $12,373,124
Taxable interest $428,431
Ordinary dividends $16,291
Business or professional net income (less loss) $1,373,293
Net capital gain (less loss) $42,860
Taxable individual retirement arrangements distributions $185,867
Taxable pensions and annuities $1,628,388
Unemployment compensation [3] $443,880
Taxable Social Security benefits $39,286
Self-employment retirement plans $0
Total itemized deductions [4] $822,076
State and local income taxes $45,026
State and local general sales tax $23,083
Real estate taxes $18,920
Taxes paid $93,233
Mortgage interest paid $138,713
Contributions $82,976
Taxable income $3,007,616
Total tax credits [5] $43,369
Residential energy tax credit $0
Child tax credit $25,982
Child and dependent care credit $0
Earned income credit [6] $1,473,223
Excess earned income credit (refundable) [7] $1,315,715
Alternative minimum tax $0
Income tax [8] $280,043
Total tax liability [9] $515,051
Tax due at time of filing [10] $79,902
Overpayments refunded [11]

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

Number of tax returns [1] 997
Number of joint returns 574
Number of returns with paid preparer's signature 870
Number of exemptions 2,394
Number of dependents 486
Adjust gross income (AGI) [2] $36,187,841
Salaries and wages $30,269,631
Taxable interest $537,615
Ordinary dividends $26,561
Business or professional net income (less loss) $822,395
Net capital gain (less loss) $121,514
Taxable individual retirement arrangements distributions $315,368
Taxable pensions and annuities $3,215,337
Unemployment compensation [3] $689,792
Taxable Social Security benefits $697,582
Self-employment retirement plans $0
Total itemized deductions [4] $3,516,375
State and local income taxes $417,170
State and local general sales tax $17,506
Real estate taxes $74,586
Taxes paid $548,762
Mortgage interest paid $563,469
Contributions $205,535
Taxable income $17,106,710
Total tax credits [5] $409,191
Residential energy tax credit $0
Child tax credit $342,321
Child and dependent care credit $0
Earned income credit [6] $337,348
Excess earned income credit (refundable) [7] $294,756
Alternative minimum tax $0
Income tax [8] $1,639,916
Total tax liability [9] $1,808,454
Tax due at time of filing [10] $174,180
Overpayments refunded [11]

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

Number of tax returns [1] 591
Number of joint returns 473
Number of returns with paid preparer's signature 534
Number of exemptions 1,580
Number of dependents 315
Adjust gross income (AGI) [2] $36,322,385
Salaries and wages $30,153,264
Taxable interest $618,238
Ordinary dividends $91,023
Business or professional net income (less loss) $584,972
Net capital gain (less loss) $209,250
Taxable individual retirement arrangements distributions $244,726
Taxable pensions and annuities $2,552,714
Unemployment compensation [3] $569,380
Taxable Social Security benefits $1,266,303
Self-employment retirement plans $0
Total itemized deductions [4] $5,061,871
State and local income taxes $794,647
State and local general sales tax $10,074
Real estate taxes $111,131
Taxes paid $979,034
Mortgage interest paid $728,469
Contributions $294,246
Taxable income $21,902,537
Total tax credits [5] $407,152
Residential energy tax credit $0
Child tax credit $356,212
Child and dependent care credit $6,754
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $19,935
Income tax [8] $2,521,223
Total tax liability [9] $2,643,829
Tax due at time of filing [10] $225,936
Overpayments refunded [11]

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

Number of tax returns [1] 249
Number of joint returns 231
Number of returns with paid preparer's signature 218
Number of exemptions 749
Number of dependents 154
Adjust gross income (AGI) [2] $21,315,910
Salaries and wages $18,105,567
Taxable interest $349,460
Ordinary dividends $21,059
Business or professional net income (less loss) $164,635
Net capital gain (less loss) $284,673
Taxable individual retirement arrangements distributions $96,080
Taxable pensions and annuities $1,620,126
Unemployment compensation [3] $254,841
Taxable Social Security benefits $514,100
Self-employment retirement plans $0
Total itemized deductions [4] $3,764,829
State and local income taxes $727,304
State and local general sales tax $0
Real estate taxes $106,848
Taxes paid $894,098
Mortgage interest paid $651,084
Contributions $312,755
Taxable income $13,806,212
Total tax credits [5] $227,001
Residential energy tax credit $0
Child tax credit $193,953
Child and dependent care credit $0
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $18,643
Income tax [8] $1,700,202
Total tax liability [9] $1,749,497
Tax due at time of filing [10] $90,883
Overpayments refunded [11]

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

Number of tax returns [1] 161
Number of joint returns 150
Number of returns with paid preparer's signature 131
Number of exemptions 482
Number of dependents 100
Adjust gross income (AGI) [2] $19,690,052
Salaries and wages $14,676,881
Taxable interest $384,806
Ordinary dividends $212,677
Business or professional net income (less loss) $126,239
Net capital gain (less loss) $174,872
Taxable individual retirement arrangements distributions $279,775
Taxable pensions and annuities $1,835,505
Unemployment compensation [3] $115,646
Taxable Social Security benefits $519,523
Self-employment retirement plans $0
Total itemized deductions [4] $3,509,043
State and local income taxes $888,548
State and local general sales tax $0
Real estate taxes $113,502
Taxes paid $1,080,982
Mortgage interest paid $856,310
Contributions $419,195
Taxable income $14,142,090
Total tax credits [5] $96,049
Residential energy tax credit $0
Child tax credit $86,550
Child and dependent care credit $0
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $108,421
Income tax [8] $2,353,760
Total tax liability [9] $2,445,225
Tax due at time of filing [10] $285,338
Overpayments refunded [11]

[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.


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