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Kentucky Free Printable  for 2022 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 2021   See federal instructions for Schedule J. Enter name(s) as shown on tax return. Your Social Security Number Note: Compute tax using the tax rate of 5% (.05). 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 2021 tax rate of 5% (.05)...........................................  4   5 If you used Schedule J to figure your tax for: l 2020, enter the amount from your 2020 Schedule J, line 11. l 2019 but not 2020, enter the amount from your 2019 Schedule J, line 15. l 2018 but not 2019 or 2020, enter the amount from your 2018 Schedule J, line 3.....................................................................................................................  5 00 Otherwise, enter the taxable income from your 2018 Form 740, line 11. 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 2018 tax rate of 5% (.05)..........................................  8   9 If you used Schedule J to figure your tax for: l 2020, enter the amount from your 2020 Schedule J, line 15. l 2019 but not 2020, enter the amount from your 2019 Schedule J, line 3......  9 00 Otherwise, enter the taxable income from your 2019 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 2019 tax rate of 5% (.05)........................................ 12 13 If you used Schedule J to figure your tax for 2020, enter the amount from your 2020 Schedule J, line 3. Otherwise, enter the taxable income from your 2020 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 2020 tax rate of 5% (.05)........................................ 16 17 Add lines 4, 8, 12 and 16................................................................................................................................. 17 18 If you used Schedule J to figure your tax for: l 2020, enter the amount from your 2020 Schedule J, line 12. l 2019 but not 2020, enter the amount from your 2019 Schedule J, line 16. l 2018 but not 2019 or 2020, enter the amount from your 2018 Schedule J, line 4. Otherwise, enter the tax from your 2018 Form 740, line 12.................. 18 00 19 If you used Schedule J to figure your tax for: l 2020, enter the amount from your 2020 Schedule J, line 16. l 2019 but not 2020, enter the amount from your 2019 Schedule J, line 4. Otherwise, enter the tax from your 2019 Form 740, line 12.................................  19 00 20 If you used Schedule J to figure your tax for 2020, enter the amount from your 2020 Schedule J, line 4. Otherwise, enter the tax from your 2020 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. 210016 42A740-J (10-21) Page 1 of 2 Form 740 (2021) Schedule J Instructions for Schedule J Purpose of Form—Use Form Schedule J to elect to figure your 2021 Kentucky income tax by averaging, over the previous 3 years, all or part of your 2021 Kentucky taxable income from your trade or business of farming or fishing. This election may give you a lower tax if your 2021 Kentucky income from farming or fishing is high and your taxable income for one or more of the 3 prior years was low. Important Reminders when completing Kentucky Schedule J: l Page 2 of 2 2019 but not 2020, enter on line 9 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 12—Compute the tax on line 11 using the 2019 tax rate of 5% (.05). l You must file a federal Schedule J in order to complete a Kentucky Schedule J. Line 13—If you used Schedule J to figure your tax for: l Use Kentucky figures when completing Kentucky Schedule J. l 2020 (that is, you entered the amount from the 2020 Schedule J, line 22 on line 12 of your 2020 Form 740), enter on line 13 the amount from your 2020 Schedule J, line 3. 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 2018, 2019 and 2020 to figure your tax on Kentucky Schedule J. l Keep a copy of your 2021 income tax return to use for your income averaging in 2022, 2023 or 2024. l For definitions of farming business, fishing business and elected farm income, see federal instructions. l For tax year 2018 and later, the tax rate is a flat 5% (.05). Otherwise, enter the taxable income from your 2020 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 2020 tax rate of 5% (.05). Line 18—If you used Schedule J to figure your tax for: l l 2019 but not 2020, enter the amount from your 2019 Schedule J, line 16. GENERAL INSTRUCTIONS Line 2, Elected Farm Income—See federal instructions. 2020, enter the amount from your 2020 Schedule J, line 12. l 2018 but not 2019 or 2020, enter the amount from your 2018 Schedule J, line 4. Line 4—Compute the tax using the 2021 rate of 5% (.05). Otherwise, enter the tax from your 2018 Form 740, line 12. Line 5—If you used Schedule J to figure your tax for: Line 19—If you used Schedule J to figure your tax for: l 2020 (that is, you entered the amount from the 2020 Schedule J, line 22 on line 12 of your 2020 Form 740), enter on line 5 the amount from your 2020 Schedule J, line 11. l l 2019 but not 2020, enter on line 5 the amount from your 2019 Schedule J, line 15. 2018 but not 2019 or 2020, enter on line 5 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 8—Compute the tax on line 7 using the 2018 tax rate of 5% (.05). Line 9—If you used Schedule J to figure your tax for: l 2020 (that is, you entered the amount from the 2020 Schedule J, line 22 on line 12 of your 2020 Form 740), enter on line 9 the amount from your 2020 Schedule J, line 15. 42A740-J (10-21) l 2020, enter the amount from your 2020 Schedule J, line 16. l 2019 but not 2020, enter the amount from your 2019 Schedule J, line 4. Otherwise, enter the tax from your 2019 Form 740, line 12. Line 20—If you used Schedule J to figure your tax for: l 2020, enter the amount from your 2020 Schedule J, line 4. Otherwise, enter the tax from your 2020 Form 740, line 12.
Extracted from PDF file 2021-kentucky-schedule-j.pdf, last modified November 2021

More about the Kentucky Schedule J Corporate Income Tax TY 2021

We last updated the Kentucky Farm Income Averaging in January 2022, so this is the latest version of Schedule J, fully updated for tax year 2021. 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 725 Kentucky Single Member LLC Individually Owned & LLET Return
Form PTE Instructions Kentucky Pass-Through Entity Income and LLET Return - Instructions
Form 720 Kentucky Corporation Income Tax and LLET Return
Form 720S Kentucky S Corporation Income Tax and LLET Return
Schedule K-1 (Form PTE) Owner's Share of Income, Credits, Deductions, ETC.

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 January 2022.

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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 seven 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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