The Kentucky 740 form is the official document used by residents of Kentucky to file their individual income tax returns. This form allows taxpayers to report their income, calculate their tax liability, and claim any applicable credits or deductions. Understanding how to accurately complete the Kentucky 740 form is essential for ensuring compliance with state tax laws and maximizing potential refunds.
The Kentucky 740 form serves as the primary document for individuals filing their state income tax returns in Kentucky. This form is specifically designed for full-year residents and covers various aspects of an individual’s financial situation for the tax year. It requires personal information, including Social Security numbers and mailing addresses, for both the taxpayer and their spouse if applicable. The form outlines different filing statuses, such as single or married filing jointly, which can impact tax calculations. Taxpayers must report their income, including wages and other earnings, and can claim deductions and credits that may reduce their overall tax liability. The form also includes sections for additional tax credits, such as the Family Size Tax Credit and personal tax credits, which can provide further financial relief. Furthermore, the 740 form facilitates the calculation of tax owed or refunds due, ensuring taxpayers can accurately report their financial obligations to the state. Supporting documents, like W-2 forms, must be attached to substantiate the reported income. Overall, the Kentucky 740 form is a comprehensive tool that guides residents through the process of filing their state income taxes accurately and efficiently.
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
•
00
may qualify for the Family Size Tax Credit. See instructions.)
6
Additions from Schedule M, line 8
7
Add lines 5 and 6
.............................................................
8
Subtractions from Schedule M, line 20
9
Subtract line 8 from line 7. This is your Kentucky Adjusted Gross Income
10
Itemizers: Enter itemized deductions from Kentucky Schedule A.
Nonitemizers: Enter $2,290 in Columns A and/or B
• 10
11
Subtract line 10 from line 9. This is your Taxable Income
• 11
12
Enter tax from Tax Table, Computation or Schedule J.
Check if from Schedule J
...........................................................................
13
Enter tax from Form 4972-K
; Schedule RC-R
• 13
14
Add lines 12 and 13 and enter total here
15
Enter amounts from page 3, Section A, lines 22A and 22B
16
Subtract line 15 from line 14. If line 15 is larger than line 14, enter zero
17
Enter personal tax credit amounts from page 3, Section B, lines 4A and 4B
• 17
18
Subtract line 17 from line 16. If line 17 is larger than line 16, enter zero
19
..............................................................................Add tax amount(s) in Columns A and B, line 18 and enter here
20
Check the box that represents your total family size (see instructions before completing lines 20 and 21)
• 20
21
Multiply line 19 by Family Size Tax Credit decimal amount __ . __ __ (__ __ __%) and enter here
• 21
22
Subtract line 21 from line 19
23
Enter the Education Tuition Tax Credit from Form 8863-K
• 23
24
Subtract line 23 from line 22
25Enter Child and Dependent Care Credit
from federal Form 2441, line 9 ➤
x 20% (.20)
• 25
26
Income Tax Liability. Subtract line 25 from line 24. If line 25 is larger than line 24, enter zero
27
Enter KENTUCKY USE TAX due on Internet, mail order, or other out-of-state purchases (see instructions)
• 27
28
Add lines 26 and 27. Enter here and on page 2, line 29
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
30(a) Enter Kentucky income tax withheld as shown on attached
2012 Form W-2(s) and other supporting statements
.......................................
30(a)
(b)
Enter 2012 Kentucky estimated tax payments
30(b)
(c)
Enter 2012 refundable certified rehabilitation credit
(KRS 141.382(1)(b))
30(c)
(d)
Enter 2012 film industry tax credit (KRS 141.383)
30(d)
31
Add lines 30(a) through 30(d)
32
If line 31 is larger than line 29, enter AMOUNT OVERPAID (see instructions)
Fund Contributions; See instructions.
➤ (ENTER AMOUNT(S) CHECKED)
33
Nature and Wildlife Fund
$10
$25
$50
Other
34
Child Victims’ Trust Fund
35
Veterans’ Program Trust Fund
36
Breast Cancer Research/Education Trust Fund
37
Add lines 33 through 36
38
Amount of line 32 to be CREDITED TO YOUR 2013 ESTIMATED TAX
• 38
39
Subtract lines 37 and 38 from line 32. Amount to be REFUNDED TO YOU
.................................
REFUND
• 39
40
If line 29 is larger than line 31, enter ADDITIONAL TAX DUE
• 40
41
(a)
Estimated tax penalty and/or interest.
...CHECK IF FORM 2210-K ATTACHED
41(a)
Interest
41(b)
Late payment penalty
41(c)
Late filing penalty
41(d)
42
Add lines 41(a) through 41(d). Enter here
• 42
43
Add lines 40 and 42 and enter here. This is the AMOUNT YOU OWE
OWE
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
Enter nonrefundable limited liability entity credit (KRS 141.0401(2))
Enter Kentucky small business investment credit
Enter skills training investment credit (attach copy(ies) of certification)
Enter nonrefundable certified rehabilitation credit (KRS 171.397(1)(a))
Enter credit for tax paid to another state (attach copy of other state’s return(s))
Enter unemployment credit (attach Schedule UTC)
Enter recycling and/or composting equipment credit (attach Schedule RC)
Enter Kentucky investment fund credit (attach copy(ies) of certification)
Enter coal incentive credit
Enter qualified research facility credit (attach Schedule QR)
Enter GED incentive credit (attach Form DAEL-31)
Enter voluntary environmental remediation credit (attach Schedule VERB)
Enter biodiesel and renewable diesel credit
Enter environmental stewardship credit
Enter clean coal incentive credit
Enter ethanol credit (attach Schedule ETH)
Enter cellulosic ethanol credit (attach Schedule CELL)
Enter energy efficiency products credit (attach Form 5695-K)
Continue to page 3 to complete Section A
*1200030040*
Page 3 of 3
SECTION A—BUSINESS INCENTIVE AND OTHER TAX CREDITS (continued)
Enter railroad maintenance and improvement credit (attach Schedule RR-I)
Enter Endow Kentucky credit (attach Schedule ENDOW)
.....................................
Enter New Markets Development Program credit
Add lines 1 through 21, Columns A and B. Enter here and on page 1, line 15 .
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 ..................................................................
• 3A
• 3B
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.)
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
Mail to:
REFUNDS
PAYMENTS
Kentucky Department of Revenue, Frankfort, KY 40618-0006.
Kentucky Department of Revenue, Frankfort, KY 40619-0008.
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