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Kentucky Free Printable  for 2021 Kentucky Kentucky Farm Income Averaging

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Kentucky Farm Income Averaging
Schedule J

SCHEDULE J KENTUCKY FARM INCOME AVERAGING Commonwealth of Kentucky Department of Revenue   Enclose with Form 740 2020   See federal instructions for Schedule J. Enter name(s) as shown on tax return. Your Social Security Number Note: Compute tax using the Tax Table or the Tax Rate Schedule appropriate to each year. This is tax before credits.   1 Enter your taxable income from Form 740, line 11.......................................................................................  1   2 Enter your elected farm income. Do not exceed amount on federal Schedule J, line 2(a)*......................  2   3 Subtract line 2 from line 1. If zero or less, enter -0-.......................................................................................  3   4 Compute the tax on the amount on line 3 using the 2020 tax rate of 5% (.05)...........................................  4   5 If you used Schedule J to figure your tax for: l 2019, enter the amount from your 2019 Schedule J, line 11. l 2018 but not 2019, enter the amount from your 2018 Schedule J, line 15. l 2017 but not 2018 or 2019, enter the amount from your 2017 Schedule J, line 3.....................................................................................................................  5 00 Otherwise, enter the taxable income from your 2017 Form 740, line 11 or Form 740-EZ, line 3. If zero or less, see instructions.   6 Divide the amount on line 2 by 3.0........................................................................  6 00   7 Add lines 5 and 6. If zero or less, enter -0-............................................................  7 00   8 Compute the tax on the amount on line 7 using the 2017 tax rate or tax rate schedule..........................  8   9 If you used Schedule J to figure your tax for: l 2019, enter the amount from your 2019 Schedule J, line 15. l 2018 but not 2019, enter the amount from your 2018 Schedule J, line 3.......  9 00 Otherwise, enter the taxable income from your 2018 Form 740, line 11. If zero or less, see instructions. 10 Enter the amount from line 6................................................................................. 10 00 11 Add lines 9 and 10. If less than zero, enter as a negative amount...................... 11 00 12 Compute the tax on the amount on line 11 using the 2018 tax rate or tax rate schedule......................... 12 13 If you used Schedule J to figure your tax for 2019, enter the amount from your 2019 Schedule J, line 3. Otherwise, enter the taxable income from your 2019 Form 740, line 11. If zero or less, see instructions........................................ 13 00 14 Enter the amount from line 6................................................................................. 14 00 15 Add lines 13 and 14. If less than zero, enter as a negative amount.................... 15 00 16 Compute the tax on the amount on line 15 using the 2019 tax rate or tax rate schedule........................ 16 17 Add lines 4, 8, 12 and 16................................................................................................................................. 17 18 If you used Schedule J to figure your tax for: l 2019, enter the amount from your 2019 Schedule J, line 12. l 2018 but not 2019, enter the amount from your 2018 Schedule J, line 16. l 2017 but not 2018 or 2019, enter the amount from your 2017 Schedule J, line 4. Otherwise, enter the tax from your 2017 Form 740, line 12 or Form 740-EZ, line 4............................................................................................  18 00 19 If you used Schedule J to figure your tax for: l 2019, enter the amount from your 2019 Schedule J, line 16. l 2018 but not 2019, enter the amount from your 2018 Schedule J, line 4. Otherwise, enter the tax from your 2018 Form 740, line 12.................................  19 00 20 If you used Schedule J to figure your tax for 2019, enter the amount from your 2019 Schedule J, line 4. Otherwise, enter the tax from your 2019 Form 740, line 12..................................................................................................... 20 00 21 Add lines 18 through 20................................................................................................................................. 21 22 Subtract line 21 from line 17. If the result is less than the tax on the taxable income on line 1, enter the tax on Form 740, line 12 and check the box................................................................. 22 * 00 00 00 00 00 00 00 00 00 00 Caution: If income from another state is included in the elected farm income on line 2, you must also compute the tax without the other state’s income to determine the state tax limitation for credit for taxes paid to other states. 200016 42A740-J (10-20) Page 1 of 2 Instructions for Schedule J Form 740 (2020) Schedule J Purpose of Form—Use Form Schedule J to elect to figure your 2020 Kentucky income tax by averaging, over the previous 3 years, all or part of your 2020 Kentucky taxable income from your trade or business of farming or fishing. This election may give you a lower tax if your 2020 Kentucky income from farming or fishing is high and your taxable income for one or more of the 3 prior years was low. Line 8—Compute the tax on line 7 using the 2017 tax table or by using the tax rate schedule above. Line 9—If you used Schedule J to figure your tax for: l 2019 (that is, you entered the amount from the 2019 Schedule J, line 22 on line 12 of your 2019 Form 740), enter on line 9 the amount from your 2019 Schedule J, line 15. Important Reminders when completing Kentucky Schedule J: l You must file a federal Schedule J in order to complete a Kentucky Schedule J. l Use Kentucky figures when completing Kentucky Schedule J. l If income from another state is included in the elected farm income on line 2, you must also compute the tax without the other state’s income to determine the state tax limitation for credit for tax paid to other states. l You may need copies of your original or amended income tax returns for 2017, 2018 and 2019 to figure your tax on Kentucky Schedule J. l Keep a copy of your 2020 income tax return to use for your income averaging in 2021, 2022 or 2023. l For definitions of farming business, fishing business and elected farm income, see federal instructions. l Compute your tax using the following tax rate schedule for tax years 2017 and prior. For tax year 2018 and later the tax rate is a flat 5% (.05). If taxable income is: $ 0 $ 3,001 $ 4,001 $ 5,001 $ 8,001 $ 75,001 Tax before credit is: – $ 3,000 – $ 4,000 – $ 5,000 – $ 8,000 – $ 75,000 and up 2% of taxable income 3% of taxable income minus $30 4% of taxable income minus $70 5% of taxable income minus $120 5.8% of taxable income minus $184 6% of taxable income minus $334 GENERAL INSTRUCTIONS l Line 5—If you used Schedule J to figure your tax for: l 2019 (that is, you entered the amount from the 2019 Schedule J, line 22 on line 12 of your 2019 Form 740), enter on line 5 the amount from your 2019 Schedule J, line 11. l 2018 but not 2019, enter on line 5 the amount from your 2018 Schedule J, line 15. l 2017 but not 2018 or 2019, enter on line 5 the amount from your 2017 Schedule J, line 3. Otherwise, enter the taxable income from your 2017 Form 740, line 11 or Form 740-EZ, line 3. If the amount entered is zero or less, see federal instructions. 42A740-J (10-20) 2018 but not 2019, enter on line 9 the amount from your 2018 Schedule J, line 3. Otherwise, enter the taxable income from your 2018 Form 740, line 11. If the amount entered is zero or less, see federal instructions. Line 12—Compute the tax on line 11 using the 2018 tax rate of 5% (.05).. Line 13—If you used Schedule J to figure your tax for: l 2019 (that is, you entered the amount from the 2019 Schedule J, line 22 on line 12 of your 2019 Form 740), enter on line 13 the amount from your 2019 Schedule J, line 3. Otherwise, enter the taxable income from your 2019 Form 740, line 11. If the amount entered is zero or less, see federal instructions. Line 16—Compute the tax on line 15 using the 2019 tax rate of 5% (.05). Line 18—If you used Schedule J to figure your tax for: l 2019, enter the amount from your 2019 Schedule J, line 12. l 2018 but not 2019, enter the amount from your 2018 Schedule J, line 16. l Line 2, Elected Farm Income—See federal instructions. Line 4—Compute the tax using the 2020 rate of 5% (.05). Page 2 of 2 2017 but not 2018 or 2019, enter the amount from your 2017 Schedule J, line 4. Otherwise, enter the tax from your 2017 Form 740, line 12 or Form 740-EZ, line 4. Line 19—If you used Schedule J to figure your tax for: l 2019, enter the amount from your 2019 Schedule J, line 16. l 2018 but not 2019, enter the amount from your 2018 Schedule J, line 4. Otherwise, enter the tax from your 2018 Form 740, line 12. Line 20—If you used Schedule J to figure your tax for: l 2019, enter the amount from your 2019 Schedule J, line 4. Otherwise, enter the tax from your 2019 Form 740, line 12.
Extracted from PDF file 2020-kentucky-schedule-j.pdf, last modified December 2020

More about the Kentucky Schedule J Corporate Income Tax TY 2020

We last updated the Kentucky Farm Income Averaging in August 2021, so this is the latest version of Schedule J, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule J 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 Schedule J 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 Schedule J

We have a total of six past-year versions of Schedule J 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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