Kentucky Schedule K-1 (Form 720s) - Shareholder'S Share Of Income, Credits, Deductions, Etc. - 2011 Page 4

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Form 720S (2011)
Page 4
KENTUCKY SCHEDULE K-1
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
percentage in Item B(2) since these amounts will be multiplied by
Line 8—Enter on federal Schedule E using Kentucky
the percentage on Form 740-NP, Section D, Line 36 (Percentage
amounts.
of Kentucky Adjusted Gross Income to Federal Adjusted Gross
Line 9—Enter on Schedule A, Form 740-NP.
Income).
Line 10—Enter on Schedule A, Form 740-NP.
Refer to specific instructions below and federal Shareholder’s
Instructions for Schedule K-1 (Form 1120S).
For All Shareholders
Lines 1 through 3—Enter on federal Schedule E using Kentucky
Lines 11 and 38 through 44—See federal Shareholder’s
amounts or on Form 8582-K, if applicable.
Instructions for Lines 12, 16 and 17, Schedule K-1 (Form 1120S).
Line 4(a)—Enter on Form 740-NP, Section D, Line 3.
Individual Partners—Enter the net distributive share income
from Kentucky Schedule K-1 (Form 720S), Lines 1 through 5, 8
Line 4(b)—Enter on Form 740-NP, Section D, Line 4.
and portions of Lines 6 and 10 (multiplied by the percentage
in Item B(2) for nonresident individual partners) on Line 2 of
Line 4(c)—Enter on federal Schedule E using Kentucky
the Kentucky Limited Liability Tax Credit Worksheet (located in
amounts.
Form 740, Form 740-NP or Form 741 instructions under Business
Incentives and Other Tax Credits). If net distributive share
Lines 4(d) and (e)—Enter on federal Schedule D using Kentucky
income includes losses subject to passive activity or capital loss
amounts or Form 8582-K, if applicable.
limitations, net distributive share income must be adjusted to
include only amounts allowed to be deducted on the applicable
Line 4(f)—Enter on applicable lines of your return (see federal
Kentucky tax return.
Shareholder’s Instructions for Schedule K-1 (Form 1120S)).
Enter the amount from Line 53 on Line 7 of the Kentucky Limited
Line 5—Enter on federal Form 4797.
Liability Tax Credit Worksheet.
Line 6—Enter on applicable lines of your return (see federal
Estates and Trusts (Form 741 Filers)—Estates or trusts report
Shareholder’s Instructions for Schedule K-1 (Form 1120S)).
the amounts shown in Column (b) on Form 741, Kentucky Fiduciary
Income Tax Return, and related schedules. See federal Shareholder’s
Line 7—Enter on Schedule A, Form 740-NP.
Instructions for Schedule K-1 (Form 1120S).

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