Schedule J (Form 740) - Kentucky Farm Income Averaging - 2013 Page 2
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2SCHEDULE J (Form 740) 2013
Page 2
42A740-J
Instructions for Schedule J
Purpose of Form—Use Form Schedule J to elect to figure your
Line 8—Compute the tax on line 7 using the 2010 tax table or
2013 Kentucky income tax by averaging, over the previous 3
by using the tax rate schedule above.
years, all or part of your 2013 Kentucky taxable income from
your trade or business of farming or fishing. This election
Line 9—If you used Schedule J to figure your tax for:
may give you a lower tax if your 2013 Kentucky income from
farming or fishing is high and your taxable income for one or
2012 (that is, you entered the amount from the 2012
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more of the 3 prior years was low.
Schedule J, line 22 on line 12 of your 2012 Form 740),
enter on line 9 the amount from your 2012 Schedule J,
Important Reminders when completing Kentucky Schedule J:
line 15.
You must file a federal Schedule J in order to complete a
2011 but not 2012, enter on line 9 the amount from your
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Kentucky Schedule J.
2011 Schedule J, line 3.
Use Kentucky figures when completing Kentucky Schedule J.
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Otherwise, enter the taxable income from your 2011 Form 740,
line 11 or Form 740-EZ, line 3. If the amount entered is zero or
If income from another state is included in the elected
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less, see federal instructions.
farm income on line 2, you must also compute the tax
without the other state’s income to determine the state tax
Line 12—Compute the tax on line 11 using the 2011 tax table or
limitation for credit for tax paid to other states.
by using the tax rate schedule above.
You may need copies of your original or amended income
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tax returns for 2010, 2011 and 2012 to figure your tax on
Line 13—If you used Schedule J to figure your tax for:
Kentucky Schedule J.
2012 (that is, you entered the amount from the 2012
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Keep a copy of your 2013 income tax returns to use for
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Schedule J, line 22 on line 12 of your 2012 Form 740),
your income averaging in 2014, 2015 or 2016.
enter on line 13 the amount from your 2012 Schedule J,
line 3.
For definitions of farming business, fishing business and
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elected farm income, see federal instructions.
Otherwise, enter the taxable income from your 2012 Form 740,
Compute your tax using the Tax Table for the appropriate
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line 11 or Form 740-EZ, line 3. If the amount entered is zero or
year or use the following tax rate schedule.
less, see federal instructions.
If taxable income is:
Tax before credit is:
Line 16—Compute the tax on line 11 using the 2012 tax table or
by using the tax rate schedule above.
$
0
–
$ 3,000
2% of taxable income
$ 3,001
–
$ 4,000
3% of taxable income minus $30
Line 18—If you used Schedule J to figure your tax for:
$ 4,001
–
$ 5,000
4% of taxable income minus $70
$ 5,001
–
$ 8,000
5% of taxable income minus $120
2012, enter the amount from your 2012 Schedule J, line 12.
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$ 8,001
–
$ 75,000
5.8% of taxable income minus $184
$ 75,001 and up 6% of taxable income minus $334
2011 but not 2012, enter the amount from your 2011
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Schedule J, line 16.
General Instructions
2010 but not 2011 or 2012, enter the amount from your
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2010 Schedule J, line 4.
Line 2, Elected Farm Income—See federal instructions.
Otherwise, enter the tax from your 2010 Form 740, line 12 or
Line 4—Compute the tax using the 2013 tax table or by using
Form 740-EZ, line 4.
the tax rate schedule above.
Line 19—If you used Schedule J to figure your tax for:
Line 5—If you used Schedule J to figure your tax for:
2012 (that is, you entered the amount from the 2012
2012, enter the amount from your 2012 Schedule J, line 16.
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Schedule J, line 22 on line 12 of your 2012 Form 740),
2011 but not 2012, enter the amount from your 2011
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enter on line 5 the amount from your 2012 Schedule J,
Schedule J, line 4.
line 11.
Otherwise, enter the tax from your 2011 Form 740, line 12 or
2011 but not 2012, enter on line 5 the amount from your
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Form 740-EZ, line 4.
2011 Schedule J, line 15.
2010 but not 2011 or 2012, enter on line 5 the amount from
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Line 20—If you used Schedule J to figure your tax for:
your 2010 Schedule J, line 3.
2012, enter the amount from your 2012 Schedule J, line 4.
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Otherwise, enter the taxable income from your 2010 Form 740,
line 11 or Form 740-EZ, line 3. If the amount entered is zero or
Otherwise, enter the tax from your 2012 Form 740, line 12 or
less, see federal instructions.
Form 740-EZ, line 4.
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