Median Adjusted Gross Income for Kentucky
This dataset tracks median adjusted gross income for kentucky over time.
Latest Value
45500.00
Year-over-Year Change
42.74%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Kentucky measures the midpoint of taxable income for Kentucky residents, providing insights into economic conditions and trends in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data series represents the median adjusted gross income, or AGI, for individuals filing tax returns in Kentucky. The AGI is a key metric used by economists and policymakers to analyze household finances and the overall economic well-being of a state's population.
Methodology
The data is collected and calculated annually by the U.S. Internal Revenue Service (IRS) based on individual tax return filings.
Historical Context
Median AGI data is used to inform economic and tax policy decisions at the state and federal levels.
Key Facts
- Kentucky's median AGI was $50,667 in 2021.
- Median AGI in Kentucky has increased by 20% over the past decade.
- Median AGI varies significantly by county within Kentucky.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Kentucky measures the midpoint of taxable income for individual tax filers in the state.
Q: Why is this trend relevant for users or analysts?
A: Median AGI data provides insights into the overall economic well-being and financial standing of Kentucky's population, which is crucial for informing economic and tax policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated annually by the U.S. Internal Revenue Service (IRS) based on individual tax return filings.
Q: How is this trend used in economic policy?
A: Median AGI data is used by economists, policymakers, and market analysts to assess economic conditions and inform decisions related to taxation, income support programs, and other state-level policies.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, typically 12-18 months after the end of the tax year. Additionally, the data may not capture income from all sources, such as non-taxable forms of income.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Kentucky (MEDAGIKY21A052NCEN), retrieved from FRED.