↝

Blank Kentucky 740 Form

The Kentucky 740 form serves as the official document for filing individual income tax returns for full-year residents of Kentucky. This form is essential for reporting income, calculating tax liability, and determining eligibility for various tax credits. Completing the Kentucky 740 accurately ensures compliance with state tax laws and facilitates the proper assessment of any refunds or payments due.

Outline

The Kentucky 740 form is an essential document for residents filing their individual income tax returns in the state. Designed specifically for full-year residents, it captures various details necessary for accurately reporting income and calculating tax liabilities. When filling out this form, individuals will provide personal information, including names, Social Security numbers, and mailing addresses. The form also requires taxpayers to select their filing status, which can significantly impact the amount of tax owed or refunded. Throughout the form, there are sections dedicated to income, deductions, and credits, allowing filers to account for various income sources and potential tax benefits. Taxpayers must also include any applicable supporting documents, such as W-2 forms, to substantiate their claims. Furthermore, the Kentucky 740 form includes areas for contributions to political party funds and other charitable causes, highlighting the state's encouragement of civic engagement. Understanding the nuances of this form is crucial for ensuring compliance with state tax regulations and maximizing potential refunds.

Sample - Kentucky 740 Form

740		1200030001			INDIVIDUAL INCOME TAX RETURN
Department of Revenue		1200030001			INDIVIDUAL INCOME TAX RETURN
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
												00					00
6	Additions from Schedule M, line 8					•	6			•	6	00					00
6	Additions from Schedule M, line 8					•	6			•	6	00					00
7	Add lines 5 and 6						7				7	00					00

				.............................................................		•				00		•					00
8	Subtractions from Schedule M, line 20						8			00	8						00
8	Subtractions from Schedule M, line 20						8			00	8						00
9	Subtract line 8 from line 7. This is your Kentucky Adjusted Gross Income						9			00		9					00


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			00		12					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
14	Add lines 12 and 13 and enter total here						14					14
15	Enter amounts from page 3, Section A, lines 22A and 22B						15			00		15					00
15	Enter amounts from page 3, Section A, lines 22A and 22B						15					15
16	Subtract line 15 from line 14. If line 15 is larger than line 14, enter zero						16			00		16					00
16							16					16
17		Enter personal tax credit amounts from page 3, Section B, lines 4A and 4B				• 17				00	• 17						00
17						• 17				00	• 17						00
										00							00
18	Subtract line 17 from line 16. If line 17 is larger than line 16, enter zero						18			00		18					00
18							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
	1200030002

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


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

	l 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
FORM 740 (2012)									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.

Click for PDF

Form Information

Fact Name	Description
Purpose	The Kentucky 740 form is used for filing individual income tax returns for full-year residents in Kentucky.
Filing Period	This form is applicable for the calendar year or other taxable year beginning in 2012 and ending in the specified year.
Governing Laws	The form is governed by Kentucky Revised Statutes (KRS) 141.010 and related tax regulations.
Attachments Required	Taxpayers must attach Form W-2(s) and other supporting statements when submitting the 740 form.

Detailed Guide for Filling Out Kentucky 740

Completing the Kentucky 740 form is a necessary step for full-year residents filing their individual income tax returns. After filling out the form, it should be submitted to the Kentucky Department of Revenue along with any required documentation, such as W-2 forms. Ensure that all information is accurate to avoid delays in processing.

Write the tax year at the top of the form, filling in the beginning and ending dates as applicable.
Enter your Social Security Number and your spouse's Social Security Number if filing jointly.
Fill in your name and mailing address, including city, state, and ZIP code.
Choose your filing status by checking the appropriate box (Single, Married Filing Separately, etc.).
For income, enter the amounts from your federal tax return in the specified columns for you and your spouse.
Add any additions to income from Schedule M and enter the total.
Calculate your Kentucky Adjusted Gross Income by subtracting any subtractions from the total income.
If itemizing deductions, enter the amount from Kentucky Schedule A; otherwise, enter the standard deduction amount.
Subtract the deductions from your Kentucky Adjusted Gross Income to find your Taxable Income.
Enter the tax amount based on the Tax Table or other calculations.
Complete the sections for any credits you may qualify for, including personal tax credits and family size tax credits.
Calculate your total tax liability by adding any additional taxes due.
Fill in the refund or payment summary section, including any amounts withheld or estimated payments made.
Sign and date the form, ensuring both spouses sign if filing jointly.
Mail the completed form to the appropriate address for refunds or payments as indicated at the bottom of the form.

Obtain Answers on Kentucky 740

What is the Kentucky 740 form?
The Kentucky 740 form is the Individual Income Tax Return used by residents of Kentucky to report their income and calculate their state tax liability. It is primarily designed for full-year residents and must be completed for the tax year indicated on the form.
Who needs to file the Kentucky 740 form?
Full-year residents of Kentucky who have earned income during the tax year must file the Kentucky 740 form. This includes individuals who are married and may choose to file jointly or separately. If you do not meet the income threshold, you may not be required to file.
What information is required to complete the form?
To complete the Kentucky 740 form, you will need:
- Your Social Security number
- Your spouse’s Social Security number (if applicable)
- Your full name and mailing address
- Income information from federal Form 1040
- Details of any tax credits or deductions you wish to claim
How do I determine my filing status?
Your filing status is determined by your marital status and how you choose to file. The options include:
- Single
- Married filing jointly
- Married filing separately
- Head of household (if applicable)
Choose the option that best reflects your situation for the tax year.
What are the tax credits available on the Kentucky 740 form?
The Kentucky 740 form allows for various tax credits, including:
- Family Size Tax Credit
- Education Tuition Tax Credit
- Child and Dependent Care Credit
- Other business-related credits
Each credit has specific eligibility requirements, so review the instructions carefully.
How do I submit the Kentucky 740 form?
You can submit the Kentucky 740 form by mailing it to the Kentucky Department of Revenue at the address specified on the form. Ensure you attach any required documents, such as W-2 forms, and check that all information is complete before sending.
What if I owe taxes or am due a refund?
If you owe taxes, the amount will be indicated on the form. You can make a payment by check or online. If you are due a refund, the form will detail the amount and how it will be processed. Refunds typically take several weeks to process.
Where can I find additional help with the Kentucky 740 form?
For additional assistance, you can visit the Kentucky Department of Revenue's website or contact their office directly. They provide resources, including instructions for the form and FAQs, to help you navigate the filing process.

Common mistakes

Filling out the Kentucky 740 form can be challenging. Many people make common mistakes that can lead to delays or issues with their tax returns. Here are nine frequent errors to avoid.

First, some individuals forget to include their Social Security numbers. This information is crucial for processing the return. Without it, the tax return may be rejected. Ensure that both your Social Security number and your spouse’s (if applicable) are clearly written in the designated spaces.

Second, failing to check the correct filing status is another common mistake. The form offers multiple options, such as single or married filing jointly. Selecting the wrong status can affect your tax liability and eligibility for credits. Carefully review the instructions to determine your correct filing status.

Another mistake involves not attaching necessary documents. Form W-2s and other supporting statements should be stapled to the top of the form. Omitting these documents can delay processing and lead to questions from the tax department.

Some people also miscalculate their income or deductions. Ensure that you enter the correct figures from your federal tax return. Double-check your math, especially when adding or subtracting amounts. Errors in these calculations can significantly impact your final tax liability.

Additionally, individuals often overlook tax credits they may qualify for. The Kentucky 740 form includes various credits, such as the Family Size Tax Credit. Not claiming these credits means potentially paying more tax than necessary. Review the eligibility requirements and claim all applicable credits.

Another common error is neglecting to sign the form. Both spouses must sign if filing jointly. An unsigned return will not be processed, which can lead to penalties or delays in receiving a refund.

People sometimes enter incorrect amounts for their tax payments or withholdings. Ensure that the amounts listed match your W-2s and any other tax documents. Discrepancies can raise red flags and cause complications with your return.

Failing to include the correct family size can also lead to issues. The form requires you to check the box that represents your total family size. This information affects your eligibility for certain credits, so be sure to fill it out accurately.

Finally, many filers do not keep a copy of their submitted form. Retaining a copy is essential for your records and can be helpful if questions arise later. Always make a copy of your completed form before mailing it.

By avoiding these mistakes, you can ensure a smoother filing process for your Kentucky 740 form. Take your time, review your entries, and consult the instructions as needed.

Documents used along the form

The Kentucky 740 form is essential for individuals filing their income tax returns in Kentucky. However, several other documents often accompany this form to ensure accurate reporting and compliance with state tax regulations. Below is a list of commonly used forms and documents that may be necessary when completing the Kentucky 740.

Form W-2: This form reports an employee's annual wages and the amount of taxes withheld from their paycheck. It is crucial for accurately determining income and tax liability.
Form 1040: This is the standard federal income tax form used by individuals to report their income and calculate their federal tax obligation. It may need to be attached if specific income sources are involved.
Kentucky Schedule A: This schedule is used for itemizing deductions specific to Kentucky. Taxpayers who choose to itemize instead of taking the standard deduction must complete this form.
Form 8863-K: This form is used to claim the Education Tuition Tax Credit in Kentucky. Taxpayers who have qualified education expenses can benefit from this credit.
Form 2441: This federal form is used to claim the Child and Dependent Care Credit. It is essential for those who paid for care for their children or dependents while they worked or looked for work.
Schedule M: This schedule details any additions or subtractions to income, which can affect the taxpayer's adjusted gross income in Kentucky.
Form 4972-K: This form is used for reporting tax on lump-sum distributions from retirement plans. It is relevant for individuals receiving such distributions during the tax year.
Form 2210-K: This form is used to calculate any penalties for underpayment of estimated tax. It is important for those who did not pay enough tax throughout the year.
Kentucky Estimated Tax Payment Vouchers (Form 740-ES): These vouchers are used for making estimated tax payments throughout the year. Taxpayers who expect to owe tax at the end of the year may need to use these forms.

Understanding these accompanying forms can help ensure a smooth tax filing process. Each document serves a specific purpose, contributing to the overall accuracy of your tax return. When preparing your Kentucky 740 form, be sure to gather all necessary documents to support your claims and deductions.

Similar forms

Form 1040: This is the standard individual income tax return used by taxpayers in the United States. Like the Kentucky 740 form, it requires personal information, income details, and tax calculations. Both forms are designed to report income and determine tax liabilities.
Form 1040A: A simplified version of the Form 1040, this form allows for a more straightforward tax filing process. Similar to the Kentucky 740, it includes sections for income, deductions, and credits, making it accessible for taxpayers with less complex financial situations.
Form 1040EZ: This form is the easiest and shortest option for individual taxpayers. It shares similarities with the Kentucky 740 in that both forms focus on basic income reporting and tax liability, catering to individuals with uncomplicated tax situations.
State Income Tax Return Forms: Various states have their own income tax return forms that resemble the Kentucky 740. These forms also require personal information, income details, and tax calculations, tailored to each state's tax laws and regulations.
Form W-2: While not a tax return, the W-2 form reports an employee's annual wages and the taxes withheld from their paycheck. It is similar to the Kentucky 740 in that it provides crucial information needed to accurately complete the tax return.

Dos and Don'ts

When filling out the Kentucky 740 form, there are important dos and don'ts to keep in mind to ensure accuracy and compliance.

Do read the instructions carefully before starting.
Do provide your Social Security number and your spouse's, if applicable.
Do double-check all calculations for accuracy.
Do attach all required forms, such as W-2s, to the top of the return.
Do use black or blue ink when filling out the form.
Don't leave any required fields blank; fill them in or write "N/A" if not applicable.
Don't forget to sign and date the form before submitting.
Don't mix up your income and your spouse's income if filing jointly.
Don't submit the form without reviewing it for any errors.
Don't ignore deadlines; file your return on time to avoid penalties.

Misconceptions

Misconception 1: The Kentucky 740 form is only for individuals with high incomes.

This is incorrect. The Kentucky 740 form is designed for all full-year residents, regardless of income level. Even individuals with lower incomes must file if they meet certain criteria.

Misconception 2: Filing status does not affect tax liability.

In reality, your filing status can significantly impact your tax liability. Options include single, married filing jointly, married filing separately, and head of household, each with different tax implications.

Misconception 3: You do not need to attach any documents when filing.

This is misleading. It is essential to attach Form W-2 and any other supporting statements to ensure accurate processing of your return.

Misconception 4: The Family Size Tax Credit is automatic for all filers.

Misconception 5: You can file the Kentucky 740 form without including your spouse's information.

If you are married and filing jointly, you must include your spouse's information. This includes their Social Security number and income details.

Misconception 6: Only residents of Kentucky can file the 740 form.

While the form is primarily for full-year residents, part-year residents may also need to file if they earned income during their time in Kentucky.

Misconception 7: The form is the same every year and does not change.

This is false. The Kentucky 740 form can change annually based on new tax laws and regulations. Taxpayers should always use the most current version of the form for accurate filing.

Key takeaways

Here are some important points to remember when filling out and using the Kentucky 740 form:

Eligibility: The Kentucky 740 form is for full-year residents only.
Filing Status: Choose the correct filing status, such as single or married, as it affects your tax calculations.
Social Security Numbers: Include both your and your spouse's Social Security numbers if applicable.
Income Reporting: Report your total income accurately from federal Form 1040 or its equivalents.
Attachments: Attach Form W-2 and any other supporting documents to the top of the form.
Tax Credits: Review and apply for any eligible tax credits, such as the Family Size Tax Credit or Education Tuition Tax Credit.
Refund or Payment: Calculate whether you owe taxes or are due a refund, and complete the corresponding sections.
Signature Requirement: Ensure both you and your spouse sign the form if filing jointly.

Following these key points will help ensure that your tax return is accurate and complete.