The Kentucky 740 X form serves as an amended individual income tax return for residents of Kentucky, allowing taxpayers to correct errors or adjust their previous filings for the years 2005 through 2016. This form is essential for ensuring that tax obligations are accurately reported and that any potential refunds or liabilities are properly calculated. Understanding how to navigate this form can significantly impact a taxpayer's financial standing and compliance with state tax regulations.
The Kentucky 740 X form serves as a crucial document for individuals who need to amend their previously filed state income tax returns for the years 2005 through 2016. This form is specifically designed to address changes in income, deductions, and tax liabilities that may have been overlooked or misreported in the original filings. Taxpayers can select their filing status, whether single or married, and indicate whether they are submitting an original or amended return. The form requires detailed information about adjusted gross income, itemized or standard deductions, and various tax credits, including business incentive credits and personal tax credits. Additionally, it provides sections to explain any discrepancies in personal tax credits or family size claims, ensuring that all adjustments are transparently documented. By completing the Kentucky 740 X form, individuals can rectify errors, potentially resulting in refunds or adjustments to their tax obligations, thereby reinforcing the importance of accuracy in tax reporting.
740-X
*1700030008*
42A740-X (11-17)
AMENDED
Department of Revenue
KENTUCKY INDIVIDUAL
For calendar year or
INCOME TAX RETURN
20___
For fiscal year beginning __________ , ______ , and ending __________ , ______
2005 THROUGH 2016
Filing Status: Check only one block.
Original Amended
1.
Single
2.
Married, filing separately
on this combined return
3.
Married, filing joint return
4.
Married, filing separate
returns. Enter spouse’s
name and Social Security
number as it appears on
separate return.
ä
Spouse’s Social Security No.
Your Social Security No.
Last Name
First Name (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
INCOME AND DEDUCTIONS
I—As Originally
II—Net Change Increase
III
Reported or Adjusted
or Decrease (see p. 2)
Correct Amount
KENTUCKY ADJUSTED GROSS INCOME (Form 740 or 740-EZ)
Column A, Spouse
Column B, Yourself (or Joint)
ITEMIZED DEDUCTIONS / STANDARD DEDUCTION
TAXABLE INCOME
TAX LIABILITY
Enter tax from Form 740, line 14 or Form 740-EZ, line 4.
5.
Business Incentive Credits.
6.
Personal Tax Credits.
7.
Subtract lines 5 and 6
from line 4.
8.
Add line 7, Columns A and B and enter here
9.
Family Size Tax Credit
10.
.................................................................Education Tuition Tax Credit
11.
.......................................................Child and Dependent Care Credit
12.
RESERVED
13.
.......Income Tax Liability. Subtract lines 9, 10, 11 and 12 from line 8
14.
Kentucky Use Tax
15.
Total Tax Liability
PAYMENTS AND CREDITS
16.Kentucky Income Tax Withheld............................................................
17.Kentucky Estimated Tax Payments......................................................
18.Refundable Kentucky Corporation Tax Credit (KRS 141.420(3)(c))....
19.Refundable certified rehabilitation credit (KRS 141.382(1)(b))..........
20.Film industry tax credit (KRS 141.383)................................................
21.Amount paid with original return, plus additional payments made after it was filed
22.Total of lines 16 through 21, Column III ..............................................................................................................................................................
REFUND OR AMOUNT DUE
23.Overpayment, if any, shown on original return, Form 740 or Form 740-EZ...........................................................
24.Subtract line 23 from line 22 and enter the result....................................................................................................
25.If line 15, Column III, is more than line 24, enter amount due ................................................................................
26.Compute interest on the amount due from the due date until paid. Use Interest Rate
Chart on Page 2, Part IV when calculating interest..................................................................................................
27.Add lines 25 and 26. Pay in full with this return .......................................................................................................
28.If line 15, Column III, is less than line 24, enter refund to be received ...................................................................
N F
Form 740-X (11-17)
*1700030009*
Page 2
PART I – TAX CREDITS
(This section must be completed for any increase or decrease in the number of personal tax credits claimed
on original return)
1.Number of personal tax credits claimed on original return (Form 740, Section B, lines 3A and 3B)
2.Number of personal tax credits claimed on this return..........................................................................................................
3.Difference.....................................................................................................................................................................................................................
Explain any difference in detail below. Include name and Social Security number.
PART II – FAMILY SIZE TAX CREDIT (This section must be completed for any increase or decrease to Total Family Size claimed on original return.)
Total Family Size claimed on original return
1
2
3
4 or more
Total Family Size claimed on this return
PART III – CHANGES Explain changes to income, deductions and tax from page 1, Column II in detail below. Attach additional or corrected Kentucky and/or federal forms, schedules or W-2s.
If you do not attach the required information, processing of your Form 740-X may be delayed.
PART IV – INTEREST RATE CHART - Use the following rates when computing interest for amount on Page 1, Line 26.
Jan. 1, 2017–Dec. 31, 2017
–
5%
Jan. 1, 2016–Dec. 31, 2016
6%
Jan. 1, 2015–Dec. 31, 2015
Jan. 1, 2014–Dec. 31, 2014
Jan. 1, 2013–Dec. 31, 2013
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 appropriate income tax regulations 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 a joint return or combined, both must sign.)
Driver’s License/State Issued ID No.
Date Signed
Telephone Number (daytime)
Spouse’s Signature
Typed or Printed Name of Preparer Other than Taxpayer
I.D. Number of Preparer
Date
Make check payable to:
Kentucky State Treasurer.
REFUNDS
PAYMENTS
Mail to: Kentucky Department of Revenue, P. O. Box 856970, Louisville, KY 40285-6970.
Mail to: Kentucky Department of Revenue, P. O. Box 856980, Louisville, KY 40285-6980.
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