FRANKFORT, Ky. (September 1, 2023) — Each year, the Kentucky Department of Revenue calculates the individual standard deduction in accordance with KRS 141.081. After adjusting for inflation, the standard deduction for 2024 is $3,160, an increase of $180. This amount will be incorporated into 2024 tax forms and should be used for tax planning in the new year.
The individual income tax rate for 2024 has also been established to be 4.0%, a reduction by .5% from the 2023 tax rate.
Visit our Individual Income Tax page for more information.