Schedule P - Kentucky Pension Income Exclusion - 2015

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2015
*1500030019*
P
SCHEDULE
42A740-P
K
ENTUCKY
P
I
E
Department of Revenue
ENSION
NCOME
XCLUSION
Use this form to calculate
excludable retirement income.
➤ Attach to Form 740, 740-NP or 741.
Enter name(s) as shown on tax return.
Your Social Security Number
Complete this schedule and file with Form 740, 740-NP , or 741 if:
1. your taxable pension and retirement income from all sources is greater than $41,110; and
(a) you are retired from the federal government, the Commonwealth of Kentucky or a Kentucky local government; or
(b) you receive supplemental (Tier 2) U.S. Railroad Retirement Board benefits.
2. you file Form 4972-K, Tax on Lump-Sum Distributions.
All others,
, you do not need to complete Schedule P . See instructions for Schedule M, line 11.
PART I—EXEMPT RETIREMENT INCOME (Do Not Include Income From Deferred Compensation Plans)
1.
Enter on line (a) or (b) the amount of federal, Kentucky state and Kentucky local government pension income attributable to service
credit earned before January 1, 1998, and supplemental (Tier 2) U.S. Railroad Retirement Board benefits included on federal Form
1040, line 16(b) (Form 1040A, line 12(b)). Also include federal or Kentucky disability retirement income attributable to service credit
earned before January 1, 1998.
(a) If date of retirement is before January 1, 1998, enter here.
Date
Names of Payers
Spouse
Yourself
of Retirement
A.
B.
00
00
00
00
00
00
00
00
00
00
00
00
Total ➤
00
00
00
00
(b) If date of retirement is after December 31, 1997, see the instructions.
Date
Taxable
Exempt
Names of Payers
Spouse
Yourself
of Retirement
Pension
Percentage
A.
B.
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
Total ➤
00
00
00
00
(c) Add lines 1(a) and 1(b) ........................................................................................................
(c)
00
00
00
00
PART II—OTHER RETIREMENT INCOME (Amounts Not Included in Line 1(c))
2.
Enter the total of taxable retirement income not included in line 1(c) above as reported
on federal Form 1040, line 15(b) and 16(b) (Form 1040A, line 11(b) and 12(b)). Also report
other disability retirement income or deferred compensation included on federal Form
00
00
1040, line 7 (Form 1040A, line 7) .................................................................................................... 2
00
00
PART III—TOTAL TO BE EXCLUDED THIS YEAR
3.
Enter the lesser of line 2 or $41,110 ............................................................................................... 3
00
00
00
00
4.
Add lines 1(c) and 3. Enter here and on Schedule M, line 11 (Form 740-NP , page 4,
line 10(b) or Form 741, line 11) ....................................................................................................... 4
00
00
00
00
Joint filers—Combine lines 4(a) and 4(b) and enter on appropriate form.
Stop here unless you have a lump-sum distribution reported on Form 4972-K.
Form 4972-K Filers—If line 3 is less than $41,110, enter the amount on Form 4972-K, Part II, line 2.

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