Kentucky Form 740 PDF Details

Are you a Kentucky resident who is gearing up for tax season? If so, then you may have heard of Form 740—an individual income tax return form used solely by those living in the Bluegrass State. However, while most know its name, many aren't aware of what it is and why they should fill it out. In this blog post, we'll provide an overview of Kentucky’s Form 740; explain how to complete and submit your return using the form; and address frequently asked questions about filing with it. By the end of this guide, not only will you understand more about filling out Form 740 effectively, but also time-saving tips that will make the process faster than ever before!

QuestionAnswer
Form NameKentucky Form 740
Form Length3 pages
Fillable?No
Fillable fields0
Avg. time to fill out45 sec
Other namesform, tax, ABUSINESS, 1040EZ

Form Preview Example

740

 

*1200030001*

INDIVIDUAL INCOME TAX RETURN

 

Department of Revenue

 

42A740

 

 

 

 

 

KENTUCKY

 

For calendar year or other taxable year beginning _________ , 2012, and ending ________ , 20____ .

Full-Year Residents Only

2012

 

 

 

 

 

 

 

 

 

 

A. Spouse’s Social Security Number

 

B. Your Social Security Number

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name—Last, First, Middle Initial (Joint or combined return, give both names and initials.)

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailing Address (Number and Street including Apartment Number or P.O. Box)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City, Town or Post Office

 

State

ZIP Code

 

 

 

 

 

 

 

 

 

 

 

 

 

Attach Form W-2(s), Other Supporting Statement(s) and Payment Here—Staple to Top Page Only

 

 

 

 

FILING STATUS (see instructions)

 

 

 

 

POLITICAL PARTY FUND

 

 

 

 

1

 

 

 

Single

 

 

 

 

 

Designating $2 will not change your refund or tax due.

2

 

 

 

Married, filing separately on this combined return. (If both had income.)

 

 

 

A. Spouse

 

B. Yourself

3

 

 

 

Married, filing joint return.

 

 

 

 

Democratic

 

(1)

 

 

 

(4)

 

 

 

4

 

 

 

Married, filing separate returns. Enter spouse’s Social Security number above

Republican

 

(2)

 

 

 

(5)

 

 

 

 

 

 

 

and full name here.

 

 

 

 

 

No Designation

 

(3)

 

 

 

(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME/TAX

 

 

 

 

A. Spouse (Use if

 

 

B.

Yourself

 

 

5

Enter amount from federal Form 1040, line 37; 1040A, line 21 or

 

 

 

Filing Status 2 is checked.)

 

 

 

 

 

(or Joint)

 

 

 

1040EZ, line 4. (If total of Columns A and B is $30,657 or less, you

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

00

5

 

 

 

 

 

 

00

 

may qualify for the Family Size Tax Credit. See instructions.)

 

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

00

6

Additions from Schedule M, line 8

6

 

 

6

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

00

7

Add lines 5 and 6

 

 

 

7

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

00

 

 

 

 

 

 

00

8

Subtractions from Schedule M, line 20

 

8

 

 

8

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

00

9

Subtract line 8 from line 7. This is your Kentucky Adjusted Gross Income

 

 

9

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

Itemizers: Enter itemized deductions from Kentucky Schedule A.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonitemizers: Enter $2,290 in Columns A and/or B

10

 

 

00

10

 

 

 

 

00

11

Subtract line 10 from line 9. This is your Taxable Income

11

 

 

00

11

 

 

 

00

12

Enter tax from Tax Table, Computation or Schedule J.

 

 

 

 

 

00

 

 

 

 

 

 

 

 

00

 

Check if from Schedule J

 

 

 

12

 

 

 

12

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

13

Enter tax from Form 4972-K

; Schedule RC-R

13

 

 

00

13

 

 

 

00

14

Add lines 12 and 13 and enter total here

 

 

14

 

 

00

 

14

 

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

 

15

Enter amounts from page 3, Section A, lines 22A and 22B

 

 

15

 

 

00

 

15

 

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

 

16

Subtract line 15 from line 14. If line 15 is larger than line 14, enter zero

 

 

16

 

 

00

 

16

 

 

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

Enter personal tax credit amounts from page 3, Section B, lines 4A and 4B

 

17

 

 

00

17

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

 

 

00

18

Subtract line 17 from line 16. If line 17 is larger than line 16, enter zero

 

 

18

 

 

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

..............................................................................Add tax amount(s) in Columns A and B, line 18 and enter here

 

 

 

 

 

 

 

19

 

 

 

 

 

 

00

20

Check the box that represents your total family size (see instructions before completing lines 20 and 21)

20

1

 

 

2

3

 

4

 

21

Multiply line 19 by Family Size Tax Credit decimal amount __ . __ __ (__ __ __%) and enter here

21

 

 

 

 

 

 

00

22

Subtract line 21 from line 19

 

 

 

 

 

 

 

 

22

 

 

 

 

 

 

00

23

Enter the Education Tuition Tax Credit from Form 8863-K

 

 

 

 

 

23

 

 

 

 

 

 

00

24

Subtract line 23 from line 22

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

00

25Enter Child and Dependent Care Credit

 

from federal Form 2441, line 9 ➤฀

 

x 20% (.20)

25

00

 

 

 

 

 

 

26

Income Tax Liability. Subtract line 25 from line 24. If line 25 is larger than line 24, enter zero

26

00

27

 

Enter KENTUCKY USE TAX due on Internet, mail order, or other out-of-state purchases (see instructions)

 

27

00

 

 

28

Add lines 26 and 27. Enter here and on page 2, line 29

28

00

 

 

 

 

 

 

 

 

FORM 740 (2012)

*1200030002*

 

Page 2 of 3

 

 

 

 

 

 

 

 

 

REFUND/TAX PAYMENT SUMMARY

 

 

 

 

29 Enter amount from page 1, line 28. This is your Total Tax Liability

29

 

00

30(a) Enter Kentucky income tax withheld as shown on attached

 

 

2012 Form W-2(s) and other supporting statements

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

 

30(a)

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

(b)

Enter 2012 Kentucky estimated tax payments

 

 

30(b)

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

(c)

Enter 2012 refundable certified rehabilitation credit

(KRS 141.382(1)(b))

30(c)

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

(d)

Enter 2012 film industry tax credit (KRS 141.383)

 

 

30(d)

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

31

Add lines 30(a) through 30(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

 

00

32

If line 31 is larger than line 29, enter AMOUNT OVERPAID (see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32

 

 

 

 

00

Fund Contributions; See instructions.

 

 

 

 

 

➤฀ (ENTER AMOUNT(S) CHECKED)

 

 

 

 

 

33

Nature and Wildlife Fund

$10

$25

$50

Other

 

 

 

 

 

33

 

 

 

 

 

00

 

 

 

 

 

34

Child Victims’ Trust Fund

$10

$25

$50

Other

 

 

 

 

 

34

 

 

 

 

 

00

 

 

 

 

 

35

Veterans’ Program Trust Fund

$10

$25

$50

Other

 

 

 

 

 

35

 

 

 

 

 

00

 

 

 

 

 

36

Breast Cancer Research/Education Trust Fund

$10

$25

$50

Other

 

 

 

 

 

36

 

 

 

 

 

00

 

 

 

 

 

37

Add lines 33 through 36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37

 

 

 

 

00

38

Amount of line 32 to be CREDITED TO YOUR 2013 ESTIMATED TAX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

 

 

00

39

Subtract lines 37 and 38 from line 32. Amount to be REFUNDED TO YOU

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

 

 

 

 

 

 

 

 

 

REFUND

 

 

39

 

 

 

00

40

If line 29 is larger than line 31, enter ADDITIONAL TAX DUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40

 

 

00

41

(a)

Estimated tax penalty and/or interest.

...CHECK IF FORM 2210-K ATTACHED

 

41(a)

 

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

(b)

Interest

 

 

 

 

41(b)

 

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

(c)

Late payment penalty

 

 

 

 

41(c)

 

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

 

(d)

Late filing penalty

 

 

 

 

41(d)

 

 

 

 

 

 

 

 

 

 

 

 

00

 

 

 

 

 

42

Add lines 41(a) through 41(d). Enter here

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42

 

 

00

43

Add lines 40 and 42 and enter here. This is the AMOUNT YOU OWE

 

 

 

 

 

 

 

 

 

 

OWE

 

 

 

43

 

 

 

 

00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

฀฀ Make check payable to Kentucky State Treasurer or visit www.revenue.ky.gov for more options.

 

 

 

 

 

 

OFFICIAL USE ONLY

 

 

 

 

 

 

 

 

 

 

 

Write your Social Security number and “KY Income Tax—2012” on the check.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PWR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SECTION A—BUSINESS INCENTIVE AND OTHER TAX CREDITS

 

 

 

 

A.

Spouse

 

 

 

 

 

B.

Yourself

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Enter nonrefundable limited liability entity credit (KRS 141.0401(2))

 

1

 

 

 

 

 

 

 

 

 

 

 

00

 

1

 

 

 

 

00

2

Enter Kentucky small business investment credit

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

00

 

2

 

 

 

 

00

3

Enter skills training investment credit (attach copy(ies) of certification)

 

3

 

 

 

 

 

 

 

 

 

 

 

00

 

3

 

 

 

 

00

4

Enter nonrefundable certified rehabilitation credit (KRS 171.397(1)(a))

 

4

 

 

 

 

 

 

 

 

 

 

 

00

 

4

 

 

 

 

00

5

Enter credit for tax paid to another state (attach copy of other state’s return(s))

 

5

 

 

 

 

 

 

 

 

 

 

 

00

 

5

 

 

 

 

00

6

Enter unemployment credit (attach Schedule UTC)

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

00

 

6

 

 

 

 

00

7

Enter recycling and/or composting equipment credit (attach Schedule RC)

 

7

 

 

 

 

 

 

 

 

 

 

 

00

 

7

 

 

 

 

00

8

Enter Kentucky investment fund credit (attach copy(ies) of certification)

 

8

 

 

 

 

 

 

 

 

 

 

 

00

 

8

 

 

 

 

00

9

Enter coal incentive credit

 

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

00

 

9

 

 

 

 

00

10

Enter qualified research facility credit (attach Schedule QR)

 

10

 

 

 

 

 

 

 

 

 

 

 

00

 

10

 

 

 

 

00

11

Enter GED incentive credit (attach Form DAEL-31)

 

 

11

 

 

 

 

 

 

 

 

 

 

 

00

 

11

 

 

 

 

00

12

Enter voluntary environmental remediation credit (attach Schedule VERB)

12

 

 

 

 

 

 

 

 

 

 

 

00

 

12

 

 

 

 

00

13

Enter biodiesel and renewable diesel credit

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

00

 

13

 

 

 

 

00

14

Enter environmental stewardship credit

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

00

 

14

 

 

 

 

00

15

Enter clean coal incentive credit

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

00

 

15

 

 

 

 

00

16

Enter ethanol credit (attach Schedule ETH)

 

 

 

16

 

 

 

 

 

 

 

 

 

 

 

00

 

16

 

 

 

 

00

17

Enter cellulosic ethanol credit (attach Schedule CELL)

 

 

17

 

 

 

 

 

 

 

 

 

 

 

00

 

17

 

 

 

 

00

18

Enter energy efficiency products credit (attach Form 5695-K)

 

18

 

 

 

 

 

 

 

 

 

 

 

00

 

18

 

 

 

 

00

Continue to page 3 to complete Section A

1 Enter number of
boxes checked
on line 1 ........................
2 Enter number of
dependents who:
฀ •฀ lived฀with฀you............
฀ •฀ did฀not฀live฀with฀you
(see instructions).......
฀ •฀ other฀dependents......
3 Enter total credits .........

FORM 740 (2012)

*1200030040*

 

 

 

 

 

 

Page 3 of 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SECTION A—BUSINESS INCENTIVE AND OTHER TAX CREDITS (continued)

 

A. Spouse

 

B.

Yourself

 

 

 

 

 

 

 

 

 

 

19

Enter railroad maintenance and improvement credit (attach Schedule RR-I)

 

19

 

00

19

 

 

00

20

Enter Endow Kentucky credit (attach Schedule ENDOW)

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

 

20

 

00

20

 

 

00

21

Enter New Markets Development Program credit

 

21

 

00

21

 

 

00

22

Add lines 1 through 21, Columns A and B. Enter here and on page 1, line 15 .

 

22

 

00

22

 

 

00

 

 

 

 

 

 

 

 

 

SECTION B—PERSONAL TAX CREDITS

Check Regular

Check both if 65 or over

 

Check both if blind

 

 

 

 

1 (a) Credits for yourself:

(b) Credits for spouse:

2 Dependents:

First name

Last name

Dependent’s

Social Security number

Dependent’s relationship to you

Check if qualifying

child for family size tax credit

3Add total number of credits claimed on lines 1 and 2.

If married filing separately on a combined return (Filing Status 2), each taxpayer must claim his or her own credits from line 1, divide the credits on line 2, and enter the totals in Boxes 3A and 3B. All other

filers enter the amount from line 3 in Box 3B

➤฀

4Multiply credits on line 3A by $20 and enter on line 4A. Multiply credits on line 3B by $20 and

enter on line 4B. Enter here and on page 1, line 17, Columns A and B ..................................................................

Spouse

Yourself

 

 

3A

3B

x $20

x $20

4A

4B

SECTION C—FAMILY SIZE TAX CREDIT (List the name and Social Security number of qualifying children that are not claimed as dependents in Section B.)

First name

Last name

Social Security number

First name

Last name

Social Security number

Attach a complete copy of federal Form 1040 if you received farm, business, or rental income or loss. If not required, check here.

I, the undersigned, declare under penalties of perjury that I have examined this return, including all accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. I also understand and agree that our election to file a combined return under the provisions of Regulation 103 KAR 17:020 will result in refunds being made payable to us jointly and in each of us being jointly and severally liable for all taxes accruing under this return.

 

 

(

)

 

 

 

 

 

 

Your Signature (If joint or combined return, both must sign.)

Spouse’s Signature

Date Signed

Telephone Number (daytime)

 

 

 

 

 

 

Typed or Printed Name of Preparer Other than Taxpayer

I.D. Number of Preparer

Date

 

 

 

 

 

 

 

Firm Name

EIN

Date

 

Mail to:

REFUNDS

PAYMENTS

Kentucky Department of Revenue, Frankfort, KY 40618-0006.

Kentucky Department of Revenue, Frankfort, KY 40619-0008.

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It's easy to fill out the form with our helpful tutorial! Here's what you need to do:

1. To start off, when filling in the 2015 tax table for 740, start in the section that has the subsequent fields:

Part no. 1 for filling in Itemizers

2. Once your current task is complete, take the next step – fill out all of these fields - Add lines and Subtractions, Subtract line from line This is, Itemizers Enter itemized, Nonitemizers Enter in Columns A, Enter tax from Tax Table, Check if from Schedule J, Enter tax from Form K, Schedule RCR, Add lines and and enter total, Enter amounts from page Section, Subtract line from line If line, Subtract line from line If line, Add tax amounts in Columns A and, Enter Child and Dependent Care, and from federal Form line with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

Part no. 2 for submitting Itemizers

3. Completing x Income Tax Liability, and s W m r o F h c a t t A is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Itemizers writing process outlined (step 3)

People generally make mistakes while filling out x Income Tax Liability in this section. You should definitely revise whatever you enter right here.

4. Now complete the next portion! Here you will have all of these REFUNDTAX PAYMENT SUMMARY Enter, Form Ws and other supporting, Add lines a through d If, Other, Other, Other, Other, Veterans Program Trust Fund, Child Victims Trust Fund, Nature and Wildlife Fund, Breast Cancer ResearchEducation, Add lines through Amount, Add lines a through d Enter, Check if Form K attached b, and c Late payment penalty empty form fields to do.

Step # 4 of filling out Itemizers

5. To wrap up your document, the final section includes a number of extra blanks. Entering SECTION ABUSINESS INCENTIVE AND, Spouse, Yourself, Enter nonrefundable limited, Enter Kentucky small business, Enter skills training investment, Enter nonrefundable certified, Enter credit for tax paid to, Enter unemployment credit attach, Enter recycling andor composting, Enter Kentucky investment fund, Enter coal incentive credit, Enter qualified research facility, Enter GED incentive credit attach, and Enter voluntary environmental should wrap up everything and you're going to be done in no time at all!

Itemizers conclusion process detailed (part 5)

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