What is the average income in ZIP code 40347?

For tax year 2022, the average adjusted gross income on the 1,350 individual tax returns filed in 40347 was $121,711, compared with $71,685 for Kentucky.

How many people in 40347 get the earned income tax credit?

130 returns in 40347 (9.6%) claimed the earned income tax credit for tax year 2022.

Why might these numbers differ from Census income figures?

IRS figures count tax returns, not households, and use adjusted gross income from the return. People who do not file a return are not included.

Checked Oct 22, 2026

ZIP Code 40347 Income and Tax Statistics

Midway, KY. Individual income tax returns for tax year 2022, from IRS Statistics of Income

Tax returns: 1,350; 2,500 people on returns
Average adjusted gross income: $121,711; Kentucky $71,685
Average salaries and wages: $73,874; Returns with wages
Average income tax: $23,466; Kentucky $11,526

Returns by adjusted gross income

Returns with negative income are not included

$1 to $24,99936026.7%
$25,000 to $49,99928020.7%
$50,000 to $74,99919014.1%
$75,000 to $99,9991309.6%
$100,000 to $199,99925018.5%
$200,000 or more14010.4%

Income, credits and taxes in 40347

Returns that reported each item, the total amount and the average for those returns

Swipe the table sideways to see more columns.

Item	Returns	Share of returns	Total	Average
Salaries and wages	1,020	75.6%	$75.35M	$73,874
Business or professional income	310	23.0%	$3.88M	$12,500
Net capital gains	300	22.2%	$14.04M	$46,797
Taxable pensions and annuities	320	23.7%	$12.65M	$39,522
Taxable Social Security benefits	290	21.5%	$5.52M	$19,038
Itemized deductions	140	10.4%	$5.14M	$36,700
Earned income tax credit	130	9.6%	$225K	$1,731
Refundable child tax credit	90	6.7%	$158K	$1,756
Income tax after credits	1,010	74.8%	$23.7M	$23,466
Refunds	820	60.7%	$2.29M	$2,794

Frequently asked questions

What is the average income in ZIP code 40347?: For tax year 2022, the average adjusted gross income on the 1,350 individual tax returns filed in 40347 was $121,711, compared with $71,685 for Kentucky.
How many people in 40347 get the earned income tax credit?: 130 returns in 40347 (9.6%) claimed the earned income tax credit for tax year 2022.
Why might these numbers differ from Census income figures?: IRS figures count tax returns, not households, and use adjusted gross income from the return. People who do not file a return are not included.

Source: Internal Revenue Service, Statistics of Income · Tax year 2022

Data sources

Statistics of Income (ZIP code data and migration data)Internal Revenue Service

IRS counts are rounded to the nearest 10, and items reported on fewer than 20 returns in a ZIP code are left out to protect taxpayer privacy. ZIP codes with fewer than 100 returns are combined by the IRS and are not shown.

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