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Kentucky Free Printable  for 2020 Kentucky Food Donation Tax Credit - Schedule 41A720FD

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Food Donation Tax Credit - Schedule 41A720FD
Schedule FD

SCHEDULE FD Taxable Year Ending *1600010340* 41A720FD (06-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE __ __ / __ __ Mo. Yr. FOOD DONATION TAX CREDIT KRS 141.392 ➤  Attach to Form 720, 720S, 725, 740, 740-NP, 741, 765 or 765-GP. Name of Entity (Donor) Identification Number (SSN or FEIN) Kentucky Corporation/LLET Account Number (if applicable) __ __ __ __ __ __ __ __ __ Address (Number, Street, and Room or Suite No.) __ __ __ __ __ __ City, State and Zip Code Part I - Qualifications • Are you a person responsible for and deriving income from: 1. Growing fruits, vegetables, or other edible agricultural products; or 2. Raising beef, poultry, pork, fish, or other edible agricultural products?..................................... ¨ YES  ¨ NO • Was the edible agricultural products that is intended for and fit for human consumption raised or grown in Kentucky?....................................................................................... ¨ YES  ¨ NO • Was the edible agricultural products provided free of fee or charge to a nonprofit food program operating in Kentucky?................................................................................ ¨  YES  ¨ NO If you answered “No” to any of these questions above, STOP, you do not qualify for this credit. If you answered “Yes” to all questions above, go to Part II. Part II - Information on Donated Food - To be completed by taxpayer making the donation and/or donee  Fruits  Pork  Beef  Poultry  Other edible product___________________________________  Vegetables  Fish A Description of Donated Food B Date Donated C Quantity of Donation D Fair Market Price Per Unit of Measure E Fair Market Value (multiply Column C by Column D) 1. 1 2. 2 3. 3 4. 4 5. 5 6. 6 7. Total fair market value of donation (add Column E, lines 1 through 6)............................... 7 8. Reimbursements received from all sources.......................................................................... 8 9. Total fair market value of donation less reimbursements (subtract line 8 from line 7)..... 9 10. Credit percentage 10 11. Credit amount. Multiply line 9 by line 10............................................................................... 11 12. Enter the unused prior year carryforward amount from the total line of the Carryforward Worksheet.......................................................................................................... 12 13. Total credit amount (add lines 11 and 12). Enter result here and on applicable form or schedule.................................................................................................................................... 13 00 00 00 00 00 00 00 00 00 10% 00 00 00 Part III - Taxpayer (Donor) Statement I, the undersigned, declare under the penalties of perjury, that to the best of my knowledge and belief, the information and fair market values included in Part I are true, correct and complete. Signature of Taxpayer (Donor)__________________________________________________________ Date___________________________________ ______________________________________________________________________________________ Type Name and Title of Person Signing This Document 41A720FD (06-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE Page 2 *1600010345* Part IV - Donee Acknowledgement - To be completed by the charitable organization I, the undersigned, declare under the penalties of perjury, that this charitable organization is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, that it operates a surplus food collection and distribution program as defined in KRS 141.392(1)(c), and that I have examined this schedule, and to the best of my knowledge and belief, it is true, correct and complete. Name of Charitable Organization (Donee) Employer Identification Number Address (Number, Street, and Room or Suite No.) City, State and Zip Code Authorized Signature Title Date INSTRUCTIONS—SCHEDULE FD PURPOSE OF SCHEDULE—This schedule is used by a qualified taxpayer (donor) who provides free of fee or charge edible agriculture products to a nonprofit food program operating in Kentucky as provided by KRS 141.392. A tax credit not used by a qualified taxpayer in the current taxable year may be carried forward for up to four (4) succeeding years. For taxable years beginning on or after January 1, 2014, but before January 1, 2018, any donor shall be allowed a nonrefundable credit (food donation tax credit) against the tax imposed by KRS 141.020 or 141.040 and 141.0401, with the ordering of credits as provided by KRS 141.0205, in the amount equal to ten percent (10%) of the value of the donated edible agricultural products. A qualified taxpayer claiming the food donation tax credit shall attach this schedule to the applicable tax return. Part I – Qualifications A qualified taxpayer means a person responsible for and deriving income from: (i) growing fruits, vegetables, or other edible agriculture products; or (ii) raising beef, poultry, pork, fish, or other edible agriculture products. Edible agriculture products means fruits, vegetables, beef, poultry, pork, fish, or any other edible product raised or grown in Kentucky that is intended for and fit for human consumption. KRS 141.392 Lines 1 through 6—Enter the following: Column A, the description of the item of food being donated; Column B, the date donated; Column C, the quantity of the food item; Column D, the fair market price of each unit of measure; and Colum E, the total fair market value. A qualified taxpayer that is a pass-through entity not subject to the tax imposed by KRS 141.040 shall apply the food donation tax credit against the limited liability entity tax imposed by KRS 141.0401, and shall distribute the amount of the approved tax credit to each partner, member or shareholder based on the partner’s, member’s or shareholder’s distributive share of income as determined for the taxable year during which the tax credit is approved, with the ordering of credits as provided by KRS 141.0205. KRS 141.392(3)(b) provides that a donor shall determine the value of the donated edible agriculture products as follows: (i) if there was a previous sale of the edible agriculture products to a buyer, the donor shall retain a copy of an invoice or other statement identifying the price received by the donor for the edible agriculture products of comparable grade and quality; or (ii) If there is no previous sale to a buyer, the donor shall on the date of the donation, determine the value of the donated edible agriculture products based on the fair market value as GENERAL INSTRUCTIONS Answer the questions provided in Part I and proceed to Part II if applicable. Part II – Information on Donated Food Check the box that best describes the donated food. If the box for “Other edible product” is checked, describe the product in the space provided. Attach a separate schedule if more than 6 items are being donated. Page 3 41A720FD (06-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE determined by average weekly regional produce auction prices or United States Department of Agriculture prices for meat, fish and dairy products. Part III – Taxpayer (Donor) Statement Line 8—Reimbursements received from all sources, such as any reimbursed costs of picking or transporting the donated food. The taxpayer (donor) or the representative of the taxpayer shall certify that the information and fair market values included in Part I are true, correct and complete. Enter the date signed, and type the name and title of person signing this document in the spaces provided. Failure to sign the schedule or to provide all information may result in the disallowance of the tax credit. Line 9—Subtract Line 8 from Line 7. Part IV – Donee Acknowledgement Line 11—Multiply Line 9 by Line 10. The representative of the charitable organization (donee) shall certify that the charitable organization is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, certify that it operates a surplus food collection and distribution program as defined in KRS 141.392(1)(c), and certify that the information included in the schedule is true, correct and complete. Enter the name, Employer Identification Number, and address of the charitable organization in the spaces provided. Also, enter the title of person signing this document and the date in the spaces provided. Failure to sign the schedule or to provide all information may result in the disallowance of the tax credit. Line 7—Add Lines 1 through 6. Line 12— Enter the unused prior year carryforward amount from the total line of the Carryforward Worksheet. Carryforward Worksheet The Kentucky food donation tax credit can be carried forward for up to 4 years if unused during the preceding tax year(s). You must have completed Schedule FD for any prior year(s) in which you are claiming a credit carryforward. 2016 Carryforward Worksheet A. Credit carryforward from 2014 to 2016 ________________ B. Credit carryforward from 2015 to 2016 ________________ C. Total carryforward ________________ Line 13—Add Lines 11 and 12. Enter the amount on this line and the applicable tax form or schedule. In order to claim the credit, this schedule must be attached to the applicable tax return.
Extracted from PDF file 2019-kentucky-schedule-fd.pdf, last modified October 2016

More about the Kentucky Schedule FD Corporate Income Tax Tax Credit TY 2019

We last updated the Food Donation Tax Credit - Schedule 41A720FD in April 2020, so this is the latest version of Schedule FD, fully updated for tax year 2019. You can download or print current or past-year PDFs of Schedule FD 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 725 Kentucky Single Member LLC Individually Owned & LLET Return
Form 720S Instructions Kentucky S Corporation Income Tax and LLET Return Instructions
Form 720 Kentucky Corporation Income Tax and LLET Return
Form 765-GP-K1 Schedule K-1 - Partner's Share of Income, Credits, Deductions, Etc.
Form 720-ES Kentucky Estimated Tax Voucher - Corporation Income/Limited Liability Entity Tax - Form 41A720ES

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 Schedule FD from the Department of Revenue in April 2020.

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Schedule FD is a Kentucky Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

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 Schedule FD

We have a total of five past-year versions of Schedule FD 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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