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Retired Individuals May Face Higher Kentucky Income Taxes for 2018

While the Kentucky individual income tax rate was reduced from 6 percent to 5 percent for 2018, many retired individuals will have a higher Kentucky income tax liability on the same amount of income as they had for 2017. Specific provisions which typically benefited retired individuals have been modified or eliminated. Beginning in 2018, the pension income exclusion has been reduced from $41,110 to $31,110. Additionally, Itemized deductions for medical expenses and taxes are no longer available.

 

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