Kentucky Education Tuition Tax Credit Page 4
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4you do not qualify for this credit. If your income is greater
Line 18—Subtract Line 17 from Line 16.
than $100,000, you may only be entitled to a portion of the
credits, if any. Proceed to Line 14 if your income is less than
Line 19—Enter the smaller of Line 18 or Line 15.
$100,000.
Line 20—Add Lines 17 and 19. Enter here and on Form 740 or
Line 14—Enter the amount from Line 8 if your credit was
Form 740–NP , Line 23. This is your allowable 2009 education
not limited based on income. If the credit was limited based
credit.
on income, multiply the amount on Line 8 by the decimal
amount on Line 13.
Line 21—If Line 18 is smaller than Line 15, subtract Line 18
Line 15—Multiply Line 14 by 25% (.25). This is your tentative
from Line 15. This is the amount of unused credit carryforward
Kentucky allowable credit.
from 2009 to 2010. Maintain records for following years.
Line 16—Enter the tentative tax from Form 740 or Form
Part V, Credit Carryforward from Prior Years—The Kentucky
740–NP , page 1, Line 22.
Education Tuition Tax credit can be carried forward for up to
5 years if unused during the preceding tax year(s). You must
Line 17—Enter the amount from page 2, Part V, Line 35. This
have completed Form 8863–K for any prior year in which you
is the allowable credit carryforward from prior year(s). If there
are claiming a credit carryforward.
is no carryforward, enter zero.
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