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Kentucky Free Printable  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.
Form 741(K-1)

FORM 741 SCHEDULE (K-1) Commonwealth of Kentucky Department of Revenue *2000030033* KENTUCKY BENEFICIARY’S SHARE OF INCOME, DEDUCTIONS, CREDITS, ETC. 2020 For calendar year or fiscal year beginning _____________________ , 2020, and ending _____________________ , 20____.    Amended K-1     Final K-1 Name of estate or trust   Beneficiary’s identifying number   (One beneficiary per K-1) Estate or trust’s federal employer identification number   Beneficiary’s name, address and ZIP code Fiduciary’s name, address and ZIP code Check Beneficiary Class (Estates only):   Class A    Class B    Class C   (A) Allocable Share Item (B) Federal Amount (C) Difference    1 Interest............................................................................ 1  2 Dividends........................................................................ 2   3 Net short-term capital gain........................................... 3   4 Net long-term capital gain............................................. 4   5 (a) Annuities, royalties and other nonpassive income before directly apportioned deductions (see federal instructions).................... 5a (b) Depreciation............................................................ 5b (c) Depletion................................................................. 5c (d) Amortization........................................................... 5d   6 (a) Trade or business, rental real estate and other rental income before directly apportioned deductions (see federal instructions).................... 6a (b) Depreciation............................................................ 6b (c) Depletion................................................................. 6c (d) Amortization........................................................... 6d   7 Federal estate tax deduction (enclose computation).. 7   8 Foreign taxes (enclose schedule).................................. 8   9 Deductions in the final year of estate or trust: (a) Excess deductions on termination (enclose computation)............................................................. 9a (b) Short-term capital loss carryover............................ 9b (c) Long-term capital loss carryover............................. 9c (d) Net operating loss (NOL) carryover......................... 9d (e) 9e (f) 9f 10 Other: (itemize) (a) 10a (b) 10b (c) 10c 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 2, if difference is positive, or line 11, if difference is negative (see instructions)............................................... 11 PASS-THROUGH CREDIT 12 (a) Limited liability entity tax credit............................................................................................................. 12a (b) Nonresident Withholding from Form PTE-WH not included on Form 741, line 21(c)........................ 12b 42A741(K-1) (10-20) (D) Kentucky Amount Page 1 of 2 INSTRUCTIONS TO BENEFICIARY SCHEDULE K-1 Form 741 (2020) Who Must File—If you were a Kentucky resident for the entire year, your filing requirement depends upon your family size, modified gross income, Kentucky adjusted gross income and income from self-employment. Family Size—Consists of yourself, your spouse if married and living in the same household and qualifying children. Qualifying Child—Means a qualifying child as defined in Internal Revenue Code Section 152(c). Modified Gross Income—Consists of your federal adjusted gross income, your spouse’s federal adjusted gross income if living in the same household, plus any tax-exempt interest from municipal bonds (non-Kentucky) or any lump-sum distribution amount taxed on Form 4972-K. Kentucky Adjusted Gross Income—Consists of your federal adjusted gross income plus any additions and subtractions from Schedule M, Modifications to Federal Adjusted Gross Income. Resident beneficiaries use Charts A and B below to determine if you need to file a Kentucky return. Nonresidents use Chart A only. Chart A If Your Family Size is: Your Modified Gross Income is greater than: One............................... and ............................. $ 12,760 Two............................... and ............................. $ 17,240 Three............................ and ............................. $ 21,720 Four or More............... and ............................. $ 26,200 Chart B If your Filing Status is: Your Kentucky Adjusted Gross Income is greater than: Single Under age 65......................... and .................. $ 2,650 Single Age 65 or over or blind......... and .................. $ 3,450 Single Age 65 or over and blind...... and .................. $ 4,250 Taxpayer and Spouse Both under age 65................. and .................. $ 2,650 Taxpayer and Spouse One age 65 or over............... and .................. $ 3,450 Taxpayer and Spouse Both age 65 or over.............. and .................. $ 4,250 Taxpayers With Self-Employment Income—Must file a Kentucky individual income tax return regardless of the amount of Kentucky adjusted gross income used in the Chart B if you have gross receipts from self-employment in excess of modified gross income for your family size in Chart A. 42A741(K-1) (10-20) Page 2 of 2 SCHEDULE K-1 (FORM 741) Generally, all income of Kentucky residents, regardless of where it was earned, is subject to Kentucky income tax. Nonresidents and Part-year Residents—Nonresidents with income from Kentuck y sources and par t-year residents receiving income while a Kentucky resident or from Kentucky sources while a nonresident must file a Kentucky Form 740-NP based on the above criteria. Persons moving into Kentucky must report all 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. Note: Nonresidents and part-year residents are entitled to the family size tax credit. 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, 2020, you must take the items listed on Schedule K-1 (Form 741) into account on your tax return for calendar year 2020. Passive Activity Limitations—Form 740 filers see Form 8582K 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 2. If Line 11, column (c) is a negative amount, enter the difference as a subtraction on Form 740, Schedule M, line 11. 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. Line 12(a)—Enter this amount on line 7 of the Kentucky Limited Liability Entity Tax Credit Worksheet located in the Form 740 and Form 740-NP instructions under Business Incentive Credits. Line 12(b)—Enter this amount on Form 740, line 31(a) or Form 740-NP, line 31(d).
Extracted from PDF file 2020-kentucky-form-741k-1.pdf, last modified December 2020

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 August 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 720 Kentucky 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 August 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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