Kentucky Education Tuition Tax Credit Page 2
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4FORM 8863-K (2009)
*0900030045*
Page 2
42A740-S24
PART IV—Allowable Education Credits
8.
Enter tentative Kentucky Education Credits from page 1, line 7 ..................................................... 8
9.
Enter: $120,000 if married fi ling jointly or married fi ling separately on a combined return;
$60,000 if single ............................................................................................ 9
10. Enter the amount from Form 1040, line 37, or Form 1040A, line 21 ......... 10
11. Subtract line 10 from line 9. If zero or less, STOP; you cannot take
any education credits for Kentucky ............................................................. 11
12. Enter $20,000 if married fi ling jointly or married fi ling separately
on a combined return; $10,000 if single .................................................... 12
13. If line 11 is equal to or more than line 12, enter the amount from line 8
on line 14 and go to line 15. If line 11 is less than line 12, divide line 11
.
by line 12. Enter the result as a decimal (rounded to at least three places) ................................... 13
X
14. Multiply line 8 by the decimal amount on line 13 and enter here ................................................... 14
15. Multiply the amount on line 14 by 25% (.25) and enter total here .................................................. 15
16. Enter tentative tax from Form 740 or Form 740-NP , page 1, line 22 ................................................ 16
17. Enter amount from Part V, line 35. If Part V, line 35 is blank, enter -0- ............................................. 17
18. Subtract line 17 from line 16 .............................................................................................................. 18
19. Enter the smaller of line 18 or line 15 ................................................................................................ 19
20. Add lines 17 and 19. Enter here and on Form 740 or Form 740-NP , line 23.
This is your allowable 2009 education credit .................................................................................... 20
21. If line 18 is smaller than line 15, subtract line 18 from line 15. This is the amount
of unused credit carryforward from 2009 to 2010. Enter here and on the 2009 Carryforward
Worksheet, Line E, provided below ................................................................................................... 21
PART V—Credit Carryforward from Prior Years
22. Enter tentative tax from Form 740 or Form 740-NP , page 1, line 22 ................................................ 22
23. Enter your credit carryforward from 2005 ......................................................................................... 23
24. Enter your credit carryforward from 2006 ......................................................................................... 24
25. Enter your credit carryforward from 2007 ......................................................................................... 25
26. Enter your credit carryforward from 2008 ......................................................................................... 26
27. Add lines 23, 24, 25 and 26 ................................................................................................................. 27
28. Enter 2005 credit carryforward to 2010. Subtract line 22 from line 23. If zero or less, enter -0- ... 28
29. Subtract line 23 from line 22. If zero or less, enter -0- ...................................................................... 29
30. Enter 2006 credit carryforward to 2010. Subtract line 29 from line 24. If zero or less, enter -0- ... 30
31. Subtract line 24 from line 29. If zero or less, enter -0- ...................................................................... 31
32. Enter 2007 credit carryforward to 2010. Subtract line 31 from line 25. If zero or less, enter -0- ... 32
33. Subtract line 25 from line 31. If zero or less, enter -0- ...................................................................... 33
34. Enter 2008 credit carryforward to 2010. Subtract line 33 from line 26. If zero or less, enter -0- ... 34
35. Enter the smaller of line 22 or line 27 ................................................................................................ 35
2009 Carryforward Worksheet
A. From Part V, Line 28, 2005 to 2010
_____________
B. From Part V, Line 30, 2006 to 2010
_____________
C. From Part V, Line 32, 2007 to 2010
_____________
D. From Part V, Line 34, 2008 to 2010
_____________
E. From Part IV, Line 21, 2009 to 2010 _____________
If you have a carryforward of credit, maintain a copy of this worksheet or Form 8863-K for your records.
This information will be needed to prepare future returns.
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