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Kentucky Free Printable 741(K-1) for 2021 Kentucky Kentucky Beneficiary's Share of Income, Deductions, Credits, Etc.

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Kentucky Beneficiary's Share of Income, Deductions, Credits, Etc.
741(K-1)

SCHEDULE K-1 Kentucky Beneficiary’s Share of Income, Deductions, Credits, etc. FORM 741 (Complete a separate Schedule K-1 for each beneficiary.) Department of Revenue For calendar year or fiscal year 2004 beginning _____________________ , 2004, and ending _____________________ , 2005 . † Amended K-1 † Final K-1 Name of estate or trust ➤ Beneficiary's identifying number ➤ Estate or trust's federal employer identification number ➤ Beneficiary's name, address and ZIP code Fiduciary's name, address and ZIP code (a) Allocable Share Item 1. 2. 3. 4. 5. (b) Federal Amount Interest ................................................................................... Dividends .............................................................................. Net short-term capital gain ................................................. Net long-term capital gain ................................................... a Annuities, royalties and other nonpassive income before directly apportioned deductions (see federal instructions) ................................................ b Depreciation ..................................................................... c Depletion .......................................................................... d Amortization .................................................................... 6. a Trade or business, rental real estate and other rental income before directly apportioned deductions (see federal instructions) ............................ b Depreciation ..................................................................... c Depletion .......................................................................... d Amortization .................................................................... 7. Federal estate tax deduction (attach computation) ........... 8. Foreign taxes (attach schedule) .......................................... 9. Deductions in the final year of estate or trust: a Excess deductions on termination (attach computation) b Short-term capital loss carryover .................................. c Long-term capital loss carryover ................................... d Net operating loss (NOL) carryover ............................... e f 10. Other: (itemize) a b c Resident Adjustment 11. Add lines 1 through 6 and portions of lines 9 and 10 in column (c). Add income amounts and subtract (loss) and deduction amounts (see instructions). Enter on Form 740, Schedule M, line 3, if difference is positive, or line 14, if difference is negative (see instructions) ..................................................... (c) Difference (d) Kentucky Amount INSTRUCTIONS TO BENEFICIARY SCHEDULE K-1 (FORM 741) Who Must File—If you were a Kentucky resident for the entire year, your filing requirement depends upon the amount of adjusted gross income, age and whether you or your spouse are considered to be blind. You must file a return if: YOUR FILING STATUS IS AND ADJUSTED GROSS INCOME EXCEEDS Single Person—Under age 65 $5,000 Single Person—Age 65 or over or blind $5,000 Single Person—Age 65 or over and blind $5,000 Husband and Wife—Both under age 65 $5,000 Husband and Wife—One 65 or over $5,500 Husband and Wife—Both age 65 or over $6,800 Any person with gross receipts of $5,000 or more from self-employment must file a Form 740 regardless of the amount of adjusted gross income or the number of tax credits claimed. Generally, all income of Kentucky residents, regardless of where it was earned, is subject to Kentucky income tax. Nonresidents with income from Kentucky sources and part-year residents receiving income while a Kentucky resident or from Kentucky sources while a nonresident must file a Kentucky return. A Form 740-NP must be filed by an individual with income from Kentucky sources and a combined gross income from all sources of $5,000 or more. Full-year nonresidents must report all income from Kentucky sources and from property located in Kentucky. Persons moving into Kentucky must report income received from Kentucky sources prior to becoming residents and income received from all sources after becoming Kentucky residents. Residents moving out of Kentucky during the year must report income from all sources while a resident and from Kentucky sources while a nonresident. When to Report—Include your share of the estate or trust’s income, deductions, credit, etc., as shown by your Schedule K-1 (Form 741) on your Kentucky income tax return for the year in which the tax year of the estate or trust ends. For example, if you, the beneficiary, are on a calendar year, and the estate or trust’s tax year ends January 31, 2004, you must take the items listed on Schedule K-1 (Form 741) into account on your tax return for calendar year 2004. Passive Activity Limitations—Form 740 filers see Form 8582-K and instructions for passive activity loss adjustments. Nonresident beneficiaries (740-NP filers) must complete Form 8582-K and federal Schedule E with Kentucky amounts. Kentucky Resident Beneficiaries (Form 740 Filers)—If Line 11, column (c) is a positive amount, enter the difference as an addition to federal adjusted gross income on Form 740, Schedule M, Line 3. If Line 11, column (c) is a negative amount, enter the difference as a subtraction on Form 740, Schedule M, Line 14. Nonresident Beneficiaries (Form 740-NP Filers)—This Schedule K-1 should reflect all income that has been claimed as part of the income distribution deduction. However, nonresident beneficiaries are only subject to tax on the following types of income: • from Kentucky sources; • from activities carried on in Kentucky; • from the performance of services in Kentucky; • from real or tangible property located in Kentucky; and • from a partnership or S corporation doing business in Kentucky.
Extracted from PDF file 2020-kentucky-form-741k-1.pdf, last modified October 2004

More about the Kentucky Form 741(K-1) Corporate Income Tax TY 2020

We last updated the Kentucky Beneficiary's Share of Income, Deductions, Credits, Etc. in May 2021, so this is the latest version of Form 741(K-1), fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 741(K-1) directly from TaxFormFinder. You can print other Kentucky tax forms here.

Other Kentucky Corporate Income Tax Forms:

TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form PTE Instructions Kentucky Pass-Through Entity Income and LLET Return - Instructions
Form 725 Kentucky Single Member LLC Individually Owned & LLET Return
Form 720-ES Kentucky Estimated Tax Voucher - Corporation Income/Limited Liability Entity Tax - Form 41A720ES
Form PTE Kentucky Pass-Through Entity Income and LLET Return
Form 720S Kentucky S Corporation Income Tax and LLET Return

Download all KY tax forms View all 130 Kentucky Income Tax Forms


Form Sources:

Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 741(K-1) from the Department of Revenue in May 2021.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Kentucky Form 741(K-1)

We have a total of eight past-year versions of Form 741(K-1) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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