The Kentucky 740 form is a comprehensive document utilized for filing individual income tax returns by full-year residents of Kentucky for any taxable year specified. It includes sections for income, tax computations, credits, and deductions, along with instructions for direct attachments like Form W-2s or other relevant financial documents. To ensure accurate and timely processing, filers are encouraged to carefully review and complete all sections relevant to their tax situation.
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The Kentucky Form 740 plays a critical role for residents of the state as it is designed for the specific purpose of filing individual income tax returns. Governed by the Kentucky Department of Revenue, this document must be completed by full-year residents for either the standard calendar year or an alternative taxable period that begins and ends within the specified year. Applicants must provide comprehensive details such as social security numbers, names, and mailing addresses. Furthermore, it mandates the attachment of Form W-2(s) along with any other relevant statements and payment information. The form intricately categorizes filers based on their filing status, which ranges from single to married with various sub-categories. In addition, it offers taxpayers the chance to contribute to the Political Party Fund, without affecting their refund or tax due. Income and tax calculations are broken down in a series of steps that require information from federal returns and adjustments for Kentucky-specific income and deductions, culminating in determining the Kentucky Adjusted Gross Income and henceforth, the taxable income and tax due. Importantly, the form also allows for contributions towards various funds, credits for childcare and dependent care, and deductions for Kentucky Use Tax on out-of-state purchases, enhancing its comprehensive nature. Tax liability summary and additional sections provide space for tax withholdings, estimated payments, and applicable credits, ensuring that filers can accurately determine their tax position – be it a refund or additional taxes due. With intricate details pertaining to various tax credits, deductions, and responsibilities, the Kentucky Form 740 remains an essential document for ensuring tax compliance among Kentucky residents.
740
*1200030001*
INDIVIDUAL INCOME TAX RETURN
Department of Revenue
42A740
KENTUCKY
For calendar year or other taxable year beginning _________ , 2012, and ending ________ , 20____ .
Full-Year Residents Only
2012
A. Spouse’s Social Security Number
B. Your Social Security Number
Name—Last, First, Middle Initial (Joint or combined return, give both names and initials.)
Mailing Address (Number and Street including Apartment Number or P.O. Box)
City, Town or Post Office
State
ZIP Code
Attach Form W-2(s), Other Supporting Statement(s) and Payment Here—Staple to Top Page Only
FILING STATUS (see instructions)
POLITICAL PARTY FUND
1
Single
Designating $2 will not change your refund or tax due.
2
Married, filing separately on this combined return. (If both had income.)
A. Spouse
B. Yourself
3
Married, filing joint return.
Democratic
(1)
(4)
4
Married, filing separate returns. Enter spouse’s Social Security number above
Republican
(2)
(5)
and full name here.
No Designation
(3)
(6)
INCOME/TAX
A. Spouse (Use if
B.
Yourself
5
Enter amount from federal Form 1040, line 37; 1040A, line 21 or
Filing Status 2 is checked.)
(or Joint)
1040EZ, line 4. (If total of Columns A and B is $30,657 or less, you
•
00
may qualify for the Family Size Tax Credit. See instructions.)
6
Additions from Schedule M, line 8
7
Add lines 5 and 6
.............................................................
8
Subtractions from Schedule M, line 20
9
Subtract line 8 from line 7. This is your Kentucky Adjusted Gross Income
10
Itemizers: Enter itemized deductions from Kentucky Schedule A.
Nonitemizers: Enter $2,290 in Columns A and/or B
• 10
11
Subtract line 10 from line 9. This is your Taxable Income
• 11
12
Enter tax from Tax Table, Computation or Schedule J.
Check if from Schedule J
...........................................................................
13
Enter tax from Form 4972-K
; Schedule RC-R
• 13
14
Add lines 12 and 13 and enter total here
15
Enter amounts from page 3, Section A, lines 22A and 22B
16
Subtract line 15 from line 14. If line 15 is larger than line 14, enter zero
17
Enter personal tax credit amounts from page 3, Section B, lines 4A and 4B
• 17
18
Subtract line 17 from line 16. If line 17 is larger than line 16, enter zero
19
..............................................................................Add tax amount(s) in Columns A and B, line 18 and enter here
20
Check the box that represents your total family size (see instructions before completing lines 20 and 21)
• 20
21
Multiply line 19 by Family Size Tax Credit decimal amount __ . __ __ (__ __ __%) and enter here
• 21
22
Subtract line 21 from line 19
23
Enter the Education Tuition Tax Credit from Form 8863-K
• 23
24
Subtract line 23 from line 22
25Enter Child and Dependent Care Credit
from federal Form 2441, line 9 ➤
x 20% (.20)
• 25
26
Income Tax Liability. Subtract line 25 from line 24. If line 25 is larger than line 24, enter zero
27
Enter KENTUCKY USE TAX due on Internet, mail order, or other out-of-state purchases (see instructions)
• 27
28
Add lines 26 and 27. Enter here and on page 2, line 29
FORM 740 (2012)
*1200030002*
Page 2 of 3
REFUND/TAX PAYMENT SUMMARY
29 Enter amount from page 1, line 28. This is your Total Tax Liability
• 29
30(a) Enter Kentucky income tax withheld as shown on attached
2012 Form W-2(s) and other supporting statements
.......................................
30(a)
(b)
Enter 2012 Kentucky estimated tax payments
30(b)
(c)
Enter 2012 refundable certified rehabilitation credit
(KRS 141.382(1)(b))
30(c)
(d)
Enter 2012 film industry tax credit (KRS 141.383)
30(d)
31
Add lines 30(a) through 30(d)
32
If line 31 is larger than line 29, enter AMOUNT OVERPAID (see instructions)
Fund Contributions; See instructions.
➤ (ENTER AMOUNT(S) CHECKED)
33
Nature and Wildlife Fund
$10
$25
$50
Other
34
Child Victims’ Trust Fund
35
Veterans’ Program Trust Fund
36
Breast Cancer Research/Education Trust Fund
37
Add lines 33 through 36
38
Amount of line 32 to be CREDITED TO YOUR 2013 ESTIMATED TAX
• 38
39
Subtract lines 37 and 38 from line 32. Amount to be REFUNDED TO YOU
.................................
REFUND
• 39
40
If line 29 is larger than line 31, enter ADDITIONAL TAX DUE
• 40
41
(a)
Estimated tax penalty and/or interest.
...CHECK IF FORM 2210-K ATTACHED
41(a)
Interest
41(b)
Late payment penalty
41(c)
Late filing penalty
41(d)
42
Add lines 41(a) through 41(d). Enter here
• 42
43
Add lines 40 and 42 and enter here. This is the AMOUNT YOU OWE
OWE
l Make check payable to Kentucky State Treasurer or visit www.revenue.ky.gov for more options.
OFFICIAL USE ONLY
l Write your Social Security number and “KY Income Tax—2012” on the check.
PWR
SECTION A—BUSINESS INCENTIVE AND OTHER TAX CREDITS
A.
Spouse
Enter nonrefundable limited liability entity credit (KRS 141.0401(2))
Enter Kentucky small business investment credit
Enter skills training investment credit (attach copy(ies) of certification)
Enter nonrefundable certified rehabilitation credit (KRS 171.397(1)(a))
Enter credit for tax paid to another state (attach copy of other state’s return(s))
Enter unemployment credit (attach Schedule UTC)
Enter recycling and/or composting equipment credit (attach Schedule RC)
Enter Kentucky investment fund credit (attach copy(ies) of certification)
Enter coal incentive credit
Enter qualified research facility credit (attach Schedule QR)
Enter GED incentive credit (attach Form DAEL-31)
Enter voluntary environmental remediation credit (attach Schedule VERB)
Enter biodiesel and renewable diesel credit
Enter environmental stewardship credit
Enter clean coal incentive credit
Enter ethanol credit (attach Schedule ETH)
Enter cellulosic ethanol credit (attach Schedule CELL)
Enter energy efficiency products credit (attach Form 5695-K)
Continue to page 3 to complete Section A
*1200030040*
Page 3 of 3
SECTION A—BUSINESS INCENTIVE AND OTHER TAX CREDITS (continued)
Enter railroad maintenance and improvement credit (attach Schedule RR-I)
Enter Endow Kentucky credit (attach Schedule ENDOW)
.....................................
Enter New Markets Development Program credit
Add lines 1 through 21, Columns A and B. Enter here and on page 1, line 15 .
SECTION B—PERSONAL TAX CREDITS
Check Regular
Check both if 65 or over
Check both if blind
1 (a) Credits for yourself:
(b) Credits for spouse:
2 Dependents:
First name
Last name
Dependent’s
Social Security number
Dependent’s relationship to you
Check if qualifying
child for family size tax credit
3Add total number of credits claimed on lines 1 and 2.
If married filing separately on a combined return (Filing Status 2), each taxpayer must claim his or her own credits from line 1, divide the credits on line 2, and enter the totals in Boxes 3A and 3B. All other
filers enter the amount from line 3 in Box 3B
➤
4Multiply credits on line 3A by $20 and enter on line 4A. Multiply credits on line 3B by $20 and
enter on line 4B. Enter here and on page 1, line 17, Columns A and B ..................................................................
• 3A
• 3B
x $20
4A
4B
SECTION C—FAMILY SIZE TAX CREDIT (List the name and Social Security number of qualifying children that are not claimed as dependents in Section B.)
Attach a complete copy of federal Form 1040 if you received farm, business, or rental income or loss. If not required, check here.
I, the undersigned, declare under penalties of perjury that I have examined this return, including all accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. I also understand and agree that our election to file a combined return under the provisions of Regulation 103 KAR 17:020 will result in refunds being made payable to us jointly and in each of us being jointly and severally liable for all taxes accruing under this return.
(
)
Your Signature (If joint or combined return, both must sign.)
Spouse’s Signature
Date Signed
Telephone Number (daytime)
Typed or Printed Name of Preparer Other than Taxpayer
I.D. Number of Preparer
Date
Firm Name
EIN
Mail to:
REFUNDS
PAYMENTS
Kentucky Department of Revenue, Frankfort, KY 40618-0006.
Kentucky Department of Revenue, Frankfort, KY 40619-0008.
When it comes time to tackle filling out the Kentucky 740 form, it's important to approach the process with clear steps in mind. This individual income tax return form is made for full-year residents of Kentucky to report their income for the tax year. By following a step-by-step guide, filers can ensure that they complete the form accurately and comply with the state's tax requirements. Here's how to fill it out:
By following these steps carefully, you can successfully navigate the process of filling out your Kentucky 740 tax form. It’s a good practice to keep a copy of the form and any supporting documents for your records.
What is the Kentucky 740 form, and who needs to file it?
The Kentucky 740 form is an Individual Income Tax Return document required by the Kentucky Department of Revenue. It is specifically designed for full-year residents of Kentucky to report their annual income and calculate their state tax liability. If you are a full-year resident of Kentucky with income that exceeds the state’s filing threshold, you are required to file this form. This requirement applies regardless of whether you receive income from within or outside of Kentucky.
Are there any specific credits or deductions available on the Kentucky 740 form?
Yes, the Kentucky 740 form allows taxpayers to claim various credits and deductions that can reduce their tax liability. Some notable ones include:
How can I file the Kentucky 740 form?
The Kentucky 740 form can be filed either electronically through the Kentucky Department of Revenue’s online system or by mailing a paper return. Filing electronically is faster, reduces errors, and speeds up the refund process. However, if you choose to file a paper return, ensure all relevant documentation, such as Form W-2s and any applicable schedules, are attached and mailed to the address designated by the Department of Revenue.
What information do I need to complete the Kentucky 740 form?
To properly complete the Kentucky 740 form, you will need the following information:
When is the deadline for filing the Kentucky 740 form?
The deadline for filing the Kentucky 740 form is typically April 15th following the end of the tax year. If April 15th falls on a weekend or holiday, the deadline is the next business day. The Department of Revenue may grant extensions for filing the Kentucky income tax return, but this does not extend the deadline for paying any taxes owed. To avoid penalties and interest, ensure any owed taxes are paid by the original due date.
What should I do if I need to amend a previously filed Kentucky 740 form?
If you discover an error on a previously filed Kentucky 740 form or need to make changes to your income, deductions, or credits, you can file an amended return. To do this, you should complete a new form, correcting the information from your original return. Make sure to indicate that it is an amended return. You may also need to attach a separate statement explaining the changes. Amended returns can affect your tax liability, potentially leading to an additional refund or taxes owed.
When it comes to preparing and filing the Kentucky 740 form, which is the individual income tax return for full-year residents of Kentucky, people often make mistakes that can be easily avoided. These mistakes can range from simple clerical errors to more complex misunderstandings about deductions and credits. Here are five common mistakes to watch out for:
Avoiding these mistakes requires attention to detail, an understanding of tax law, and thorough preparation. Before submitting your Kentucky 740 form, take the time to review it carefully. This can help ensure a smoother filing process and potentially lead to a faster and more accurate tax refund.
When filing the Kentucky 740 form for individual income tax returns, several other documents and forms are commonly used alongside it to ensure a comprehensive and accurate submission. These documents assist filers in claiming deductions, credits, and reporting additional incomes or tax-related information.
Each of the mentioned forms plays a critical role in the process of filing Kentucky individual income taxes. They ensure filers receive all entitled credits and deductions, accurately report their income, and comply with state tax laws. It's important to carefully review each document to provide a complete and accurate tax return.
The Kentucky 740 form is similar to the IRS Form 1040, which is the United States federal individual income tax return. Both forms are used by residents to report their annual income, calculate taxes owed, and determine eligibility for certain tax credits and deductions. The 740 and 1040 forms require taxpayers to provide personal information, income details, and any applicable credits or deductions to accurately calculate the tax liability. However, the Kentucky 740 form is specifically for Kentucky state taxes, while the IRS Form 1040 pertains to federal tax obligations.
Similarly, the California Form 540 closely mirrors the Kentucky 740 form in function and purpose, serving as the individual income tax return for California residents. Like the Kentucky 740, Form 540 collects information on the taxpayer's income, adjustments, tax credits, and deductions specific to California state law. Both forms are tailored to gather state-specific tax information on top of what is collected for federal taxes, allowing residents to comply with their state's tax requirements.
The New York IT-201 form is another state-specific tax return document with similarities to the Kentucky 740 form. It is designed for New York State residents to report their yearly income and calculate taxes owed to the state. Both the IT-201 and the Kentucky 740 forms include sections for tax credits unique to their respective states, personal income details, and other tax-related information, highlighting the need for states to collect their own tax data in addition to federal data.
The Form IL-1040, used by Illinois residents for state income tax returns, also shares characteristics with the Kentucky 740 form. These documents are essential for reporting individual income and determining the state tax liability based on that income. Each state-specific form, including the Kentucky 740 and IL-1040, requires detailed income information and allows for deductions and credits that reduce taxable income, reflecting each state's unique tax laws and policies.
The Pennsylvania PA-40 form is the state income tax return for Pennsylvania residents and is similar to the Kentucky 740 form. Both forms serve the key purpose of reporting income earned within the fiscal year and calculating the amount of state tax owed. They include sections for taxpayers to detail their income, tax withholdings, credits, and deductions, tailored to the tax codes of their respective states.
The Form NJ-1040 for New Jersey residents is another example of a state-specific tax return form comparable to Kentucky's 740 form. It is utilized for reporting individual or joint income within the state and for calculating New Jersey state taxes due. Both the NJ-1040 and Kentucky 740 forms include provisions for various state-specific credits and deductions, illustrating the unique fiscal policies of each state and the necessity for residents to file state-specific tax returns in addition to federal ones.
The Oregon Form 40, like the Kentucky 740, is designed for residents to file their state income tax returns. Both forms gather comprehensive income information, apply state-specific tax calculations, and offer a range of deductions and credits unique to their respective state's tax code. The importance of these forms lies in their role in ensuring taxpayers meet their state tax obligations accurately and efficiently.
When it comes to filling out the Kentucky 740 tax form, it's important to approach the process with accuracy and attention to detail. Below are ten key dos and don'ts that can help ensure a smooth filing experience:
By following these practical tips, taxpayers can navigate through the Kentucky 740 form more effectively, potentially avoiding common pitfalls that could lead to errors, delays, or audits. It's also advisable to consult with a tax professional if you encounter any complexities during the process.
There are several common misconceptions about the Kentucky 740 form, which is used for filing individual income tax returns for full-year residents of Kentucky. Understanding these misconceptions can help ensure that taxpayers complete and submit their returns accurately. Let's explore some of these misunderstandings.
Misconception 1: Everyone Must File a Kentucky 740 Form Not all Kentucky residents are required to file a Form 740. The necessity to file depends on several factors, including your income, filing status, and age. Individuals with income below a certain threshold may not need to file a state tax return. However, it's important to check the current year's filing requirements, as these thresholds may change.
Misconception 2: Filing Status Does Not Impact Tax Liability Your filing status has a significant impact on your tax liability. Options such as filing jointly or separately can affect your tax rates, applicable credits, and deductions. Choosing the wrong status could result in paying more tax than necessary or missing out on beneficial tax treatment.
Misconception 3: All Income is Taxed the Same Way Not all income is subject to tax at the same rate. Kentucky, like many states, offers a range of tax treatments for different types of income, including wages, business income, and investment income. Understanding the tax implications of each type of income ensures correct reporting and might offer opportunities for tax savings.
Misconception 4: Deductions and Credits Apply Equally to All Taxpayers Taxpayers often misunderstand how deductions and credits work. Not all deductions and credits are available to every taxpayer, and some are phased out or limited based on income levels or specific situations. It's vital to understand which deductions and credits you are eligible for, to accurately calculate your tax liability.
Misconception 5: You Can't File a Kentucky 740 Form without a Payment if You Owe Taxes If you owe taxes, it's still important to file your Kentucky 740 form by the deadline to avoid late filing penalties. Payment plans may be available if you cannot pay the total amount due immediately. Failing to file because of an inability to pay could increase the penalties and interest owed.
Misconception 6: Amendments Can Only Be Made Electronically If you need to make a correction to your Kentucky income tax return after it has been filed, you can file an amended return using Form 740-X. This form allows you to correct errors or omissions on your originally filed return. While electronic filing is often convenient, Kentucky also accepts paper submissions, which is important for those who prefer or need to file in a non-electronic format.
Understanding these misconceptions can assist taxpayers in navigating the complexities of filing their Kentucky income tax returns more efficiently and effectively. It's essential to refer to the latest tax laws and guidelines provided by the Kentucky Department of Revenue or consult a tax professional for personalized advice and information.
Understanding the Kentucky 740 form is crucial for individuals filing their state income tax return. The 740 form is designed for full-year residents of Kentucky to report their income and calculate their state tax liability. Here are four key takeaways to ensure accuracy and compliance while managing this task:
By paying close attention to these aspects, taxpayers can efficiently navigate the complexities of the Kentucky 740 form, ensuring they fulfill their state tax obligations accurately and take advantage of any tax benefits for which they are eligible.
Kentucky Vital Records - Indication that in-person services at the Office of Vital Statistics are currently suspended.
Kentucky 720S - Includes sections for both LLET computation and income tax computation, ensuring a comprehensive tax reporting.