Form 741 Kentucky PDF Details

Navigating the complexities of tax obligations for estates and trusts in Kentucky requires thorough understanding of specific forms like the 741 Kentucky Fiduciary Income Tax Return. This critical document serves the dual purpose of reporting income and determining tax responsibilities for fiduciaries managing estates, trusts, and other similar entities for the tax year specified, in this case, the period beginning in 2005 and ending in 2006. It encompasses sections that require detailed financial information, including federal adjusted total income, additions and subtractions specific to Kentucky law, income distribution deductions, and pension income exclusions, among others. Tax computation methods are outlined clearly, necessitating inputs on taxable income, available tax credits, estimated payments, and withholding information. The form also mandates attachments like schedules for charitable deductions, income distribution deductions, and adjustments to federal adjusted income. Additionally, it asks fiduciaries to affirm the accuracy of the information under penalty of perjury and to account for any relationships with passive activities or potential adjustments following federal audits. Understanding and accurately completing the 741 form is essential in ensuring compliance with Kentucky's tax requirements, avoiding penalties, and correctly managing fiduciary finances.

QuestionAnswer
Form NameForm 741 Kentucky
Form Length3 pages
Fillable?No
Fillable fields0
Avg. time to fill out45 sec
Other namesSubtractions, allocable, fiduciaries, KENTUCKY

Form Preview Example

Form 741

KENTUCKY FIDUCIARY INCOM E TAX RETURN

 

42A741

For calendar year or other taxable year

 

 

 

2005

Departm ent of Revenue

beginning ____________ , 2005, and ending _____________ , 2006.

 

 

 

 

 

 

 

 

 

 

 

Check applicable box:

Nam e of Estate or Trust

 

 

Federal Em ployer Identification Num ber

 

 

 

 

 

 

Decedent's estate

 

 

 

 

 

 

Sim ple trust

 

 

 

 

 

Nam e and Title of Fiduciary

 

 

Date Entity Created

 

 

 

 

 

 

Com plex trust

 

 

 

 

 

 

Grantor trust

 

 

 

 

 

 

Bankruptcy estate

 

 

 

 

 

Address of Fiduciary (Num ber and Street or P.O. Box)

 

 

 

Room or Suite Num ber

 

 

 

 

 

 

 

Pooled incom e fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Check applicable boxes:

City, State and ZIP Code

 

 

 

Telephone Num ber

 

 

 

 

 

 

Initial return

 

 

 

 

 

 

Am ended return

 

 

 

 

 

 

 

 

 

 

 

Final return

Number of Schedules K-1 attached. ➤

 

(Copies M ust Be Attached)

 

 

 

 

 

 

 

 

➤Attach a copy of the federal return including all schedules and statements.

1.

Federal adjusted total incom e (federal Form 1041, line 17)

1

2.

Additions (from page 2, Schedule M , line 4)

2

3.

Enter the portion of deductions allocable to line 2

3

4.

Subtract line 3 from line 2

4

5.

Add lines 1 and 4

5

6.

Subtractions (from page 2, Schedule M , line 8)

6

7.

Enter the portion of deductions allocable to line 6

7

8.

Subtract line 7 from line 6

8

9.

Subtract line 8 from line 5. This is your Kentucky adjusted total income (loss). Enter here

 

and on page 2, Schedule B, line 1

9

10. Incom e distribution deduction (from page 2, Schedule B, line 15)

 

 

(attach Schedule K-1)

10

11. Pension incom e exclusion (attach Schedule P, if m ore than $41,110)

11

12. Federal estate tax deduction (attach com putation)

12

13. Add lines 10, 11 and 12

13

14.

Total incom e of fiduciary (subtract line 13 from line 9)

14

INTANGIBLE INCOM E ATTRIBUTABLE TO NONRESIDENTS INCLUDED IN LINE 14

15.Trusts or estates w ith income attributable to nonresident beneficiaries. Enter the portion of intangible incom e included in line 14 that is attributable to nonresident beneficiaries.

 

Enter zero if not applicable. See instructions

 

 

15

16.

Taxable incom e of fiduciary (subtract line 15 from line 14) This is your taxable income

16

TAX COM PUTATION

 

 

 

 

 

17.

Tax: (a) tax rate schedule

(b) Form 4972-K

(c) Schedule RC-R

Total 17(d)

18.

Nonrefundable credit(s) (specify and attach supporting documents)

 

..... 18

19.

Enter Tax Credit ($2 for a trust; $20 for an estate). This credit is not refundable

.............................................

19

20.

Total Tax (subtract lines 18 and 19 from line 17d; if line 18 plus line 19 is m ore than line 17d, enter -0-)

20

21.

(a) Estim ated tax paym ents

 

 

21(a)

 

 

(b) Withholding (attach w age and tax statem ents)

 

21(b)

 

 

(c) Refundable Kentucky corporation tax credit (KRS 141.420(3)(c))

21(c)

 

 

(d) Total (add lines 21(a), (b) and (c))

.............................................................................................................

 

 

21(d)

22.

Subtract line 21(d) from line 20. Enter am ount of

tax due

refund

credit forw ard

22

✍I declare under the penalties of perjury that this return (including any accom panying schedules and statem ents) has been exam ined by m e and, to the best of m y know ledge and belief, is a true, correct and com plete return.

Signature of Fiduciary or Agent

PTIN or Identification Num ber of Fiduciary or Agent

Date

 

 

 

Typed or Printed Nam e of Preparer Other Than Fiduciary or Agent

Identification Num ber of Preparer

Date

Refunds

M ail to: Kentucky Department of Revenue, Frankfort, KY 40618-0006.

➤ M ake check payable to:

Payments

M ail to: Kentucky Department of Revenue, Frankfort, KY 40619-0008.

Kentucky State Treasurer.

Form 741 (2005)

Page 2

 

 

SCHEDULE A—CHARITABLE DEDUCTION (Do not complete for a simple trust or pooled income fund.)

Com plete Schedule A only if you m ade additions to or subtractions from total incom e on page 1, lines 2 or 6 and claim ed a charitable deduction on federal Form 1041.

1.

Kentucky taxable incom e that w as paid or set aside for charitable purposes and w as not reported on federal

 

 

Form 1041, Schedule A, including additional capital gains. Enter here and include on Schedule M , line 7

1

2.

Kentucky tax-exem pt incom e that w as paid or set aside for charitable purposes that w as reported on

 

 

federal Form 1041, Schedule A. Enter here and include on Schedule M , line 3

2

SCHEDULE B—INCOM E DISTRIBUTION DEDUCTION (See federal instructions.)

1.

Adjusted total incom e (enter am ount from page 1, line 9)

1

2.

Adjusted tax-exem pt interest

2

3.

Net gain show n on Schedule D, Form 741, colum n 1, line 17 (if net loss, enter zero)

3

4.

Enter am ount included from federal Schedule A, line 4

4

5.

Enter net capital gains included on Kentucky Schedule A, line 1 or line 2

5

6.

Enter any Kentucky gains included on page 1, line 9 as a negative figure. If capital loss, enter as a

 

 

positive figure. (Kentucky gain/loss includes federal figures plus Kentucky adjustm ents.)

6

7.

Distributable net income (com bine lines 1 through 6)

7

8.

If com plex trust, enter accounting incom e for tax years as determ ined under the governing

 

 

instrum ent and applicable law

8

9.

Am ount of incom e required to be distributed currently

9

10. Other am ounts paid, credited or otherw ise required to be distributed

10

11. Total distributions (add lines 9 and 10) (If greater than line 8, see federal instructions.)

11

12. Enter the am ount of tax-exem pt incom e included on line 11

12

13.

Tentative incom e distribution deduction (subtract line 12 from line 11)

13

14.

Tentative incom e distribution deduction (subtract line 2 from line 7)

14

15. Income distribution deduction (enter the sm aller of line 13 or line 14 here and on page 1, line 10)

15

SCHEDULE M (FORM 741)

 

Part I—Additions to Federal Adjusted Total Income

 

1.

Enter interest from bonds issued by other states and their political subdivisions

1

2.

Enter additions from partnerships, fiduciaries and S corporations (attach schedule)

2

3.

Other additions (attach schedule)

3

4.

Total additions. Enter here and on page 1, line 2

4

Part II—Subtractions from Federal Adjusted Total Income

 

5.

Enter interest from U.S. governm ent obligations (attach schedule)

5

6.

Enter subtractions from partnerships, fiduciaries and S corporations (attach schedule)

6

7.

Other subtractions (attach schedule)

7

8.

Total subtractions. Enter here and on page 1, line 6

8

ADDITIONAL INFORM ATION REQUIRED

1.Was a Kentucky fiduciary incom e tax return filed for 2004?

Yes

No. If "No," state reason.

 

 

 

 

2.If the fiduciary has incom e not taxed by Kentucky, have you deducted only that portion of expenses allocable to

taxable incom e?

Yes

No. If "Yes," attach

com putation.

 

 

3.Did the estate or trust have any passive activity loss(es)?

Yes No. (If "Yes," enter the loss(es) on Form 8582-K, Kentucky Passive Activity Loss Lim itations, to determ ine the allow able loss.)

4.If a federal audit changed the taxable incom e as originally reported for any prior year, a copy of the Revenue Agent’s Report m ust be subm itted to the Departm ent of Revenue. Do not attach to this return.

5.During the taxable year did you m ake an accum ulation distribution as defined in Sec. 665(b), Internal Revenue

Code? Yes

No. If "Yes," attach federal Schedule J

(Form 1041).

 

6.If this is an am ended return, check the appropriate box on page 1. Explain changes below . Attach a separate page if necessary.

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1. You will want to complete the form 741 accurately, hence take care when filling out the sections including these specific fields:

Stage number 1 of completing kentucky form 741 fillable

2. Given that the previous section is completed, it is time to put in the essential specifics in Subtract line from line, Add lines and, Subtractions from page Schedule, Enter the portion of deductions, Subtract line from line, Subtract line from line This is, and on page Schedule B line, Income distribution deduction from, enclose Schedules K, Pension income exclusion enclose, Federal estate tax deduction, Add lines and, Total income of fiduciary subtract, INTANGIBLE INCOME ATTRIBUTABLE TO, and Trusts or estates with income so that you can progress to the 3rd step.

and on page Schedule B line, Trusts or estates with income, and Add lines and in kentucky form 741 fillable

3. Within this stage, check out Enter zero if not applicable See, Taxable income of fiduciary, Page of, and Official Use Only. Every one of these will need to be filled in with greatest focus on detail.

Guidelines on how to fill in kentucky form 741 fillable stage 3

4. The following subsection needs your attention in the following areas: TAX COMPUTATION, a Tax multiply line by b Form K, and add tax from, Total c, Nonrefundable credits specify and, Enter Tax Credit for a trust, Total Tax subtract lines and, a Estimated taxExtension payments, b Withholding W or enclose forms, c Nonresident Withholding from, d Total of amounts on line a, If line is larger than line d, Interest b, c Late payment penalty c, and d Late filing penalty d. Make certain to fill out all of the requested information to move further.

Writing part 4 in kentucky form 741 fillable

It is possible to make a mistake when completing your b Withholding W or enclose forms, for that reason be sure you look again prior to deciding to finalize the form.

5. This document should be finished by filling out this area. Here you will find a full listing of form fields that require accurate details in order for your form usage to be faultless: If line d is more than the total, the AMOUNT YOU OVERPAID, Amount of line to be CREDITED TO, Subtract line from line This is, I declare under the penalties of, Signature of Fiduciary or Agent, PTIN or Identification Number of, Date, Telephone Number daytime, Date, ID Number, Telephone No, May the DOR discuss this return, Yes No, and Sign Here.

May the DOR discuss this return, Date, and Telephone No in kentucky form 741 fillable

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