What Is The Standard Deduction For 2024 In Ky. 1 announced that after adjusting for inflation, the standard deduction for 2024 is $3,160, which is an increase of $180 from the current standard deduction. The kentucky income tax example and payroll calculations are provided to illustrate the standard federal tax, state tax, social security and medicare paid during the year when filing a tax return in kentucky for 20,000.00 with no special circumstances.

Certain itemized deductions (including property tax, qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. Key 2024 income tax exemptions and deductions.