Instructions - Form 741 Kentucky Fiduciary Income Tax Return (Page 2 of 2) in pdf

PENALTY AND INTEREST

SCHEDULE K-1 INSTRUCTIONS

Late Filing Penalty—If a return is not filed by the due

Kentucky Resident Beneficiaries (Form 740 Filers)—To

date or the extended due date, a penalty of 2 percent of

determine the net difference between the federal

the total tax due for each 30 days or fraction thereof

Schedule K-1 amounts and the Kentucky Schedule K-1

that a return is not filed may be assessed, not to exceed

amounts, complete Lines 11, 12 and 13. This will adjust

20 percent. The minimum penalty is $10.

the items of income, loss and deductions used to

compute the federal adjusted gross income to the

Late Payment Penalty—If the amount of tax due as

Kentucky amounts shown in Column (b), Schedule

shown on Line 32 is not paid by the original due date of

K-1.

the return, a penalty of 2 percent of the tax computed

due may be assessed for each 30 days or fraction

Lines 11 and 12—Include on these lines, the Kentucky

thereof that the tax is past due, not to exceed 20

Schedule K-1 and federal Schedule K-1 amounts from

percent. The minimum penalty is $10. However, if the

Lines 1 through 6. Also include the amounts from Lines

amount timely paid is 75 percent of the tax determined

8 and 9 (Kentucky) and Lines 13 and 14 (federal) that do

due by the Revenue Cabinet, no late payment penalty

not pass through to Schedule A as itemized

will be assessed.

deductions.

Interest—Interest will be assessed at the "tax interest

Line 13—Enter difference of Lines 11 and 12.

rate" from the original due date of the return until the

date of payment.

ADDITIONAL INFORMATION

Note: Penalties but not interest may be reduced or

For further information, refer to KRS 141.190, KRS

waived if reasonable cause for reduction or waiver can

141.010, Kentucky Administrative Regulation 103 KAR

be shown.

19:010 and instructions for federal Form 1041.

SIGNATURE

If you need further assistance, contact a local

To be valid, this return must be signed by the fiduciary

Kentucky Taxpayer Service Center or the Revenue

or agent. If prepared by a person other than fiduciary or

Cabinet, Frankfort, Kentucky 40620, (502) 564-4581 or

agent, type or print name of person preparing the

(502) 564-3058 (Telecommunication Device for the

return.

Deaf).

The Kentucky Revenue Cabinet does not discriminate on

the basis of race, color, national origin, sex, religion, age

or disability in employment or the provision of services.

* * * * * * * * * * * * *

Kentucky Revenue Cabinet

Mission Statement

To provide courteous, accurate and efficient services for the

benefit of Kentucky and its citizens, and administer the tax laws of

the Commonwealth in a fair and impartial manner.

Instructions - Form 741 Kentucky Fiduciary Income Tax Return Page 2

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