Schedule J (Form 740) - Kentucky Farm Income Averaging - 2015 Page 2
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2SCHEDULE J (Form 740) 2015
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 2012 tax table or
2015 Kentucky income tax by averaging, over the previous 3
by using the tax rate schedule above.
years, all or part of your 2015 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 2015 Kentucky income from
farming or fishing is high and your taxable income for one or
2014 (that is, you entered the amount from the 2014
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more of the 3 prior years was low.
Schedule J, line 22 on line 12 of your 2014 Form 740),
enter on line 9 the amount from your 2014 Schedule J,
Important Reminders when completing Kentucky Schedule J:
line 15.
You must file a federal Schedule J in order to complete a
2013 but not 2014, enter on line 9 the amount from your
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Kentucky Schedule J.
2013 Schedule J, line 3.
Use Kentucky figures when completing Kentucky Schedule J.
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Otherwise, enter the taxable income from your 2013 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 2013 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 2012, 2013 and 2014 to figure your tax on
Line 13—If you used Schedule J to figure your tax for:
Kentucky Schedule J.
2014 (that is, you entered the amount from the 2014
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Keep a copy of your 2015 income tax return to use for your
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Schedule J, line 22 on line 12 of your 2014 Form 740),
income averaging in 2016, 2017 or 2018.
enter on line 13 the amount from your 2014 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 2014 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 2014 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 $120
2014, enter the amount from your 2014 Schedule J, line 12.
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$ 8,001
–
$ 75,000
5.8% of taxable income minus $184
$ 75,001 and up 6% of taxable income minus $334
2013 but not 2014, enter the amount from your 2013
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Schedule J, line 16.
General Instructions
2012 but not 2013 or 2014, enter the amount from your
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2012 Schedule J, line 4.
Line 2, Elected Farm Income—See federal instructions.
Otherwise, enter the tax from your 2012 Form 740, line 12 or
Line 4—Compute the tax using the 2015 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:
2014 (that is, you entered the amount from the 2014
2014, enter the amount from your 2014 Schedule J, line 16.
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Schedule J, line 22 on line 12 of your 2014 Form 740),
2013 but not 2014, enter the amount from your 2013
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enter on line 5 the amount from your 2014 Schedule J,
Schedule J, line 4.
line 11.
Otherwise, enter the tax from your 2013 Form 740, line 12 or
2013 but not 2014, enter on line 5 the amount from your
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Form 740-EZ, line 4.
2013 Schedule J, line 15.
2012 but not 2013 or 2014, enter on line 5 the amount from
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Line 20—If you used Schedule J to figure your tax for:
your 2012 Schedule J, line 3.
2014, enter the amount from your 2014 Schedule J, line 4.
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Otherwise, enter the taxable income from your 2012 Form 740,
line 11 or Form 740-EZ, line 3. If the amount entered is zero or
Otherwise, enter the tax from your 2014 Form 740, line 12 or
less, see federal instructions.
Form 740-EZ, line 4.
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