Kentucky Schedule K-1 - Partner'S Share Of Income, Credits, Deductions, Etc - 2014 Page 4

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Form 765 (2014)
Page 4
KENTUCKY SCHEDULE K-1
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
a (loss), or if Line 59 is an income amount and the amount on Line 58
Line 6—Enter on federal Form 4797.
is a (loss), the income amount is the greater amount; therefore, add
the two amounts to determine the difference.
Line 7—Enter on applicable lines of your return (see federal Partner’s
Instructions for Schedule K-1 (Form 1065)).
Nonresident Individual Partners (Form 740-NP Filers)—A nonresident
individual who is required to file Form 740-NP, Kentucky Individual
Line 8—Enter on Schedule A, Form 740-NP.
Income Tax Return Nonresident or Part-Year Resident, or who elects
to file Form 740-NP to take advantage of capital loss and net operating
Line 9—Enter on federal Schedule E using Kentucky amounts.
loss carryovers shall enter the amounts from Schedule K-1, Column
(b) as follows:
Line 10—Enter on Schedule A, Form 740-NP.
If the percentage in Item D(2) is “100%,” the amounts on Lines 1
Line 11—Enter on applicable form or schedule (see federal Partner’s
through 6 and 9, portions of Lines 7 and 11 and the portion of Line
Instructions for Schedule K-1 (Form 1065)).
43(b) actually deducted for the current year must be entered on the
appropriate lines of Form 740-NP and related schedules.
For All Partners
If the percentage in Item D(2) is less than 100 percent, the amounts on
Lines 12 and 43 through 48—See federal partner’s instructions for
Lines 1 through 6 and 9, portions of Lines 7 and 11 and the portion of
Lines 13, 19 and 20, Schedule K-1 (Form 1065).
Line 43(b) actually deducted for the current year must be multiplied
by this percentage and entered on the appropriate lines of Form 740-
Individual and Corporate Partners—Enter the net distributive share
NP and related schedules. Amounts on Line 12(a) and the portions
income from the Kentucky Schedule K-1 (Form 765), Lines 1 through
of Lines 7 and 11 which pass through to Schedule A (Form 740-NP)
6, 9 and portions of Lines 7 and 11 (multiplied by the percentage in
should not be multiplied by the percentage in Item D(2) since these
Item D(2) if a nonresident individual partner or the apportionment
amounts will be multiplied by the percentage on Form 740-NP, Section
fraction from Schedule A, Section I, Line 12 if a corporate partner
D, Line 36 (Percentage of Kentucky Adjusted Gross Income to Federal
that is taxable in Kentucky and taxable in another state) on Line 2 of
Adjusted Gross Income).
the Kentucky Limited Liability Entity Tax Credit Worksheet (located
in Form 740, Form 740-NP or Form 741 instructions under Business
Lines 1 through 3—Enter on federal Schedule E using Kentucky
Incentives and Other Tax Credits) for Forms 740, 740-NP or 741; or
amounts or Form 8582-K, if applicable.
Line 2 of the Corporation LLET Credit Worksheet (located in Form 720
instructions under Part II—Income Tax Computation) for Form 720.
Line 4(a)—Enter on Form 740-NP, Section D, Line 3.
If net distributive share income includes losses subject to passive
activity or capital loss limitations, net distributive share income must
Line 4(b)—Enter on Form 740-NP, Section D, Line 4
be adjusted to include only amounts allowed to be deducted on the
applicable Kentucky tax return.
Line 4(c)—Enter on federal Schedule E using Kentucky amounts.
Enter the amount from Line 57 on Line 7 of the Kentucky Limited
Lines 4(d) and (e)—Enter on federal Schedule D using Kentucky
amounts or Form 8582-K, if applicable.
Liability Entity Tax Credit Worksheet or Line 7 of the Corporation LLET
Credit Worksheet.
Line 4(f)—Enter on applicable lines of your return (see federal Partner’s
Instructions for Schedule K-1 (Form 1065)).
Estates and Trusts (Form 741 Filers)—Estates or trusts report the
amounts shown in Column (b) on Form 741, Kentucky Fiduciary Income
Line 5—Enter on applicable line of your tax return (see federal Partner’s
Tax Return, and related schedules. See federal Partner’s Instructions
Instructions for Schedule K-1 (Form 1065)).
for Schedule K-1 (Form 1065).

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