Kentucky Schedule K-1 (Form 765-Gp) - Partner'S Share Of Income, Credits, Deductions, Etc. - 2015 Page 3
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4Form 765-GP (2015)
Page 3
*1500030049*
KENTUCKY SCHEDULE K-1
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
PARTNER’S SHARE OF INCOME, CREDITS, DEDUCTIONS, ETC.
Distributive Share Items - continued
Amount
Resident Partner Adjustment
62.
Combination of Kentucky Schedule K-1, lines 1 through 6, 9 and portions of lines 7 and 11.
Add income amounts and subtract (loss) and deduction amounts (see instructions) .........................................
62
00
63.
Combination of federal Schedule K-1, lines 1 through 10, 12 and portions of lines 11 and 13.
Add income amounts and subtract (loss) and deduction amounts (see instructions) .........................................
63
00
64.
Enter difference of lines 62 and 63 here and on appropriate line on Schedule M (see instructions)..................
64
00
PARTNER’S INSTRUCTIONS FOR SCHEDULE K-1 (FORM 765-GP)
Who Must File—Although the partnership is not subject to income tax,
NOTE: Form 740 filers see Form 740 instructions for Schedule M, Line
the partners are liable for tax on their share of the partnership income,
7 and/or Line 19.
whether or not distributed, and must include their share on the individual
income tax return.
Passive Activity Limitations—The passive activity limitations in IRC
Section 469 are figured at the partner level and may apply to any loss
If you were a Kentucky resident for the entire year, your filing requirement
reported on Lines 1, 2 or 3 and any other related items of income, loss
depends upon your family size, modified gross income, Kentucky adjusted
and deductions reported on Schedule K-1 (Form 765-GP). Refer to the
gross income and income from self-employment.
federal Partner’s Instructions for Schedule K-1 (Form 1065) to determine if
the passive activity limitations apply to your share of loss(es) reported on
Any person with gross receipts exceeding the threshold amount
Schedule K-1 (Form 765-GP) and if you must file Form 8582-K, Kentucky
determined under KRS 141.066 from self-employment must file a Form
Passive Activity Loss Limitations.
740 regardless of the amount of adjusted gross income or the number
of tax credits claimed. Generally, all income of Kentucky residents,
SPECIFIC INSTRUCTIONS
regardless of where it was earned, is subject to Kentucky income tax.
See Form 740 Instructions.
Kentucky Resident Partners (Form 740 Filers)—To determine the net
difference between the federal Schedule K-1 amounts and the Kentucky
Nonresidents with income from Kentucky sources and part-year
Schedule K-1 amounts, complete Lines 62, 63 and 64. This will adjust
residents receiving income while a Kentucky resident or from Kentucky
the items of income, loss and deductions used to compute your federal
sources while a nonresident must file a Kentucky return. Partnership
adjusted gross income to the Kentucky amounts shown on the Kentucky
income is not exempted by reciprocal agreements between Kentucky
Schedule K-1.
and any other state. Form 740-NP must be filed by an individual with
income from Kentucky sources and a combined gross income from
Line 62—Include on this line the Kentucky Schedule K-1 amounts from
all sources exceeding the threshold amount determined under KRS
Lines 1 through 6 and 9. Also include the amounts from Lines 7 and
141.066. Full-year nonresidents must report all income from Kentucky
11 that do not pass through to the Form 740 or 740-NP Schedule A as
sources and from property located in Kentucky. Persons moving into
itemized deductions.
Kentucky must report income received from Kentucky sources prior
to becoming residents and income received from all sources after
Line 63—Include on this line the federal Schedule K-1 amounts from
becoming Kentucky residents. Residents moving out of Kentucky
Lines 1 through 10 and 12. Also include the amounts from Lines 11 and
during the year must report income from all sources while a resident
13 that do not pass through to the Form 740 or 740-NP Schedule A as
and from Kentucky sources while a nonresident.
itemized deductions.
When to Report—Include your share of the partnership’s income or
NOTE: If Form 8582-K is required, adjust the amounts entered on Lines
(loss), credits, deductions, etc., as shown by your Schedule K-1 (Form
62 and 63 to exclude any income, loss, deduction or expense related to
765-GP) on your Kentucky income tax return for the year in which the tax
a passive activity. Complete the passive activities adjustment worksheet
year of the partnership ends. For example, if you, the partner, are on a
(Form 8582-K, page 2) to determine additions to or subtractions from
calendar year, and the partnership’s tax year ends January 31, 2015, you
federal adjusted gross income. See Form 740 instructions for Schedule
must take the items listed on Schedule K-1 (Form 765-GP) into account
M, Line 7 and/or Line 19.
on your tax return for calendar year 2015.
If amounts on Lines 4(d) and 4(e) are subject to the capital loss limitations,
At-Risk Limitations—Generally, if you have a loss from any activity
do not include on Lines 62 and 63. Complete federal Schedule D using
carried on as a trade or business or for the production of income by
Kentucky amounts to determine additions to or subtractions from federal
the partnership and you, the partner, have amounts invested in that
adjusted gross income.
activity for which you are not at risk, you will be required to complete
federal Form 6198, At-Risk Limitations, to figure the allowable loss to
Line 64—Enter difference of Lines 62 and 63. If Line 62 is greater than
report on your Kentucky income tax return. Your deductible loss from
Line 63, enter the difference as an addition to federal adjusted gross
each activity for the tax year generally is limited to the amount you
income on Schedule M, Line 3. If Line 63 is greater than Line 62, enter
are at risk for the activity at the end of the partnership’s tax year or the
the difference as a subtraction on Schedule M, Line 15.
amount of the loss, whichever is less. To help you complete Form 6198,
if required, the partnership will provide a schedule showing your share
Caution: If the amounts on both Lines 62 and 63 are loss amounts, the
of income, expenses, etc., for each at-risk activity.
smaller dollar amount of loss is the greater amount and to determine
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