Form 741 (42A741(K-1)) Schedule K-1 "Kentucky Beneficiary's Share of Income, Deductions, Credits, Etc" - Kentucky

What Is Form 741 (42A741(K-1)) Schedule K-1?

This is a legal form that was released by the Kentucky Department of Revenue - a government authority operating within Kentucky. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on October 1, 2019;
  • The latest edition provided by the Kentucky Department of Revenue;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form 741 (42A741(K-1)) Schedule K-1 by clicking the link below or browse more documents and templates provided by the Kentucky Department of Revenue.

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Download Form 741 (42A741(K-1)) Schedule K-1 "Kentucky Beneficiary's Share of Income, Deductions, Credits, Etc" - Kentucky

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741
*1900030033*
K
B
S
2019
ENTUCKY
ENEFICIARY’S
HARE
SCHEDULE (K-1)
O
I
, D
, C
, E
.
F
NCOME
EDUCTIONS
REDITS
TC
Commonwealth of Kentucky
Department of Revenue
For calendar year or fiscal year beginning _____________________ , 2019, and ending _____________________ , 20____.
 
Amended K-1
Name of estate or trust
Final K-1
Beneficiary’s identifying number
Estate or trust’s federal
(One beneficiary per K-1)
employer identification number
Beneficiary’s name, address and ZIP code
Fiduciary’s name, address and ZIP code
Check Beneficiary Class (Estates only):
Class A    Class B    Class C 
(A) Allocable Share Item
(B) Federal Amount
(C) Difference
(D) Kentucky Amount
1
Interest ...........................................................................
1
2
Dividends .......................................................................
2
3
Net short-term capital gain...........................................
3
4
Net long-term capital gain ............................................
4
5
(a) Annuities, royalties and other nonpassive
income before directly apportioned
deductions (see federal instructions) ...................
5a
(b) Depreciation ...........................................................
5b
(c) Depletion ................................................................
5c
(d) Amortization ..........................................................
5d
6
(a) Trade or business, rental real estate and other
rental income before directly apportioned
deductions (see federal instructions) ...................
6a
(b) Depreciation ...........................................................
6b
(c) Depletion ................................................................
6c
(d) Amortization ..........................................................
6d
7
Federal estate tax deduction (enclose computation) .
7
8
Foreign taxes (enclose schedule) .................................
8
9
Deductions in the final year of estate or trust:
(a) Excess deductions on termination (enclose
computation) ............................................................
9a
(b) Short-term capital loss carryover ...........................
9b
(c) Long-term capital loss carryover ............................
9c
(d) Net operating loss (NOL) carryover ........................
9d
(e)
9e
(f)
9f
10
Other: (itemize)
(a)
10a
(b)
10b
(c)
10c
Resident Adjustment
11
Add lines 1 through 6 and portions of lines 9 and 10 in column (c). Add income
amounts and subtract (loss) and deduction amounts (see instructions).
Enter on Form 740, Schedule M, line 2, if difference is positive, or
line 11, if difference is negative (see instructions) ..............................................
11
PASS-THROUGH CREDIT
12 (a) Limited liability entity tax credit ............................................................................................................ 12a
(b) Nonresident Withholding from Form PTE-WH not included on Form 741, line 21(c) ....................... 12b
42A741(K-1) (10-19)
Page 1 of 2
741
*1900030033*
K
B
S
2019
ENTUCKY
ENEFICIARY’S
HARE
SCHEDULE (K-1)
O
I
, D
, C
, E
.
F
NCOME
EDUCTIONS
REDITS
TC
Commonwealth of Kentucky
Department of Revenue
For calendar year or fiscal year beginning _____________________ , 2019, and ending _____________________ , 20____.
 
Amended K-1
Name of estate or trust
Final K-1
Beneficiary’s identifying number
Estate or trust’s federal
(One beneficiary per K-1)
employer identification number
Beneficiary’s name, address and ZIP code
Fiduciary’s name, address and ZIP code
Check Beneficiary Class (Estates only):
Class A    Class B    Class C 
(A) Allocable Share Item
(B) Federal Amount
(C) Difference
(D) Kentucky Amount
1
Interest ...........................................................................
1
2
Dividends .......................................................................
2
3
Net short-term capital gain...........................................
3
4
Net long-term capital gain ............................................
4
5
(a) Annuities, royalties and other nonpassive
income before directly apportioned
deductions (see federal instructions) ...................
5a
(b) Depreciation ...........................................................
5b
(c) Depletion ................................................................
5c
(d) Amortization ..........................................................
5d
6
(a) Trade or business, rental real estate and other
rental income before directly apportioned
deductions (see federal instructions) ...................
6a
(b) Depreciation ...........................................................
6b
(c) Depletion ................................................................
6c
(d) Amortization ..........................................................
6d
7
Federal estate tax deduction (enclose computation) .
7
8
Foreign taxes (enclose schedule) .................................
8
9
Deductions in the final year of estate or trust:
(a) Excess deductions on termination (enclose
computation) ............................................................
9a
(b) Short-term capital loss carryover ...........................
9b
(c) Long-term capital loss carryover ............................
9c
(d) Net operating loss (NOL) carryover ........................
9d
(e)
9e
(f)
9f
10
Other: (itemize)
(a)
10a
(b)
10b
(c)
10c
Resident Adjustment
11
Add lines 1 through 6 and portions of lines 9 and 10 in column (c). Add income
amounts and subtract (loss) and deduction amounts (see instructions).
Enter on Form 740, Schedule M, line 2, if difference is positive, or
line 11, if difference is negative (see instructions) ..............................................
11
PASS-THROUGH CREDIT
12 (a) Limited liability entity tax credit ............................................................................................................ 12a
(b) Nonresident Withholding from Form PTE-WH not included on Form 741, line 21(c) ....................... 12b
42A741(K-1) (10-19)
Page 1 of 2
INSTRUCTIONS TO BENEFICIARY
SCHEDULE K-1
Page 2 of 2
Form 741 (2019)
SCHEDULE K-1 (FORM 741)
Who Must File—If you were a Kentucky resident for the entire
Generally, all income of Kentucky residents, regardless of
year, your filing requirement depends upon your family size,
where it was earned, is subject to Kentucky income tax.
modified gross income, Kentucky adjusted gross income and
Nonresidents and Part-year Residents—Nonresidents
income from self-employment.
with income from Kentuck y sources and par t-year
residents receiving income while a Kentucky resident or
Family Size—Consists of yourself, your spouse if married and
from Kentucky sources while a nonresident must file a
living in the same household and qualifying children.
Kentucky Form 740-NP based on the above criteria. Persons
moving into Kentucky must report all income received
Qualifying Child—Means a qualifying child as defined in
from Kentucky sources prior to becoming residents and
Internal Revenue Code Section 152(c).
income received from all sources after becoming Kentucky
residents. Residents moving out of Kentucky during the year
Modified Gross Income—Consists of your federal adjusted
must report income from all sources while a resident and
gross income, your spouse’s federal adjusted gross income
from Kentucky sources while a nonresident.
if living in the same household, plus any tax-exempt interest
from municipal bonds (non-Kentucky) or any lump-sum
Note: Nonresidents and part-year residents are entitled to
distribution amount taxed on Form 4972-K.
the family size tax credit.
Kentucky Adjusted Gross Income—Consists of your federal
When to Report—Include your share of the estate or trust’s
adjusted gross income plus any additions and subtractions
income, deductions, credit, etc., as shown by your Schedule
from Schedule M, Modifications to Federal Adjusted Gross
K-1 (Form 741) on your Kentucky income tax return for the
Income.
year in which the tax year of the estate or trust ends. For
example, if you, the beneficiary, are on a calendar year, and
Resident beneficiaries use Charts A and B below to determine
the estate or trust’s tax year ends January 31, 2019, you must
if you need to file a Kentucky return. Nonresidents use Chart
take the items listed on Schedule K-1 (Form 741) into account
A only.
on your tax return for calendar year 2019.
Passive Activity Limitations—Form 740 filers see Form 8582-
Chart A
K and instructions for passive activity loss adjustments.
Nonresident beneficiaries (740-NP filers) must complete Form
Your Modified Gross
8582-K and federal Schedule E with Kentucky amounts.
If Your Family Size is:
Income is greater than:
One .............................. and ............................ $ 12,490
Kentucky Resident Beneficiaries (Form 740 Filers)—If Line
Two .............................. and ............................ $ 16,910
11, column (c) is a positive amount, enter the difference
Three ........................... and ............................ $ 21,330
as an addition to federal adjusted gross income on Form
Four or More .............. and ............................ $ 25,750
740, Schedule M, line 2. If Line 11, column (c) is a negative
amount, enter the difference as a subtraction on Form 740,
Schedule M, line 11.
Chart B
Nonresident Beneficiaries (Form 740-NP Filers)—This
Schedule K-1 should reflect all income that has been claimed
Your Kentucky
as part of the income distribution deduction. However,
Adjusted Gross Income
If your Filing Status is:
nonresident beneficiaries are only subject to tax on the
is greater than:
following types of income:
Single
Under age 65 ........................ and ................. $ 2,590
• from Kentucky sources;
Single
• from activities carried on in Kentucky;
Age 65 or over or blind ........ and ................. $ 3,390
• from the performance of services in Kentucky;
• from real or tangible property located in Kentucky; and
Single
• from a partnership or S corporation doing business in
Age 65 or over and blind ..... and ................. $ 4,190
Kentucky.
Taxpayer and Spouse
Both under age 65 ................ and ................. $ 2,590
Line 12(a)—Enter this amount on line 7 of the Kentucky
Limited Liability Entity Tax Credit Worksheet located in the
Taxpayer and Spouse
Form 740 and Form 740-NP instructions under Business
One age 65 or over .............. and ................. $ 3,390
Incentive Credits.
Taxpayer and Spouse
Both age 65 or over ............. and ................. $ 4,190
Line 12(b)—Enter this amount on Form 740, line 31(a) or Form
740-NP , line 31(d).
Taxpayers With Self-Employment Income—Must file a
Kentucky individual income tax return regardless of the
amount of Kentucky adjusted gross income used in the Chart
B if you have gross receipts from self-employment in excess
of modified gross income for your family size in Chart A.
42A741(K-1) (10-19)
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