Form 74a110 - Kentucky Estimated Insurance Premiums Tax

74A110 (1-12)

Page 2

INSTRUCTIONS

Companies Which Must File an Estimated Insurance Premiums Tax Report—Estimated insurance premiums tax installment

reports must be filed for the current calendar year by every company whose Kentucky insurance premiums tax was $5,000 or more for

the previous calendar year.

2. The following are the statutory references that apply to the taxes on your installment:

A. Domestic and Foreign Life Insurance Tax—Kentucky Revised Statute 136.330.

B. Other Than Life Insurance Tax—Kentucky Revised Statutes 136.340, 136.350, 136.370 and 136.390.

C. Retaliatory Taxes and Fees on Foreign and Alien Insurers—Kentucky Revised Statute 304.3-270.

3. How to File—Your installment reports shall be based on either:

•

Your total premiums as reported for the previous calendar year.

•

Your estimated total taxable premiums for the current calendar year. Penalty and interest apply to underestimated payments, see

instruction 7.

If your retaliatory taxes and fees for the previous calendar year exceeded $5,000, you must remit estimated payments for retaliatory

taxes and fees. To calculate your retaliatory taxes and fees installments, use the previous calendar year or estimate for current calendar

year and remit one-third of the amount. Report this amount on line C of the Kentucky Estimated Insurance Premiums Tax (Revenue

Form 74A110).

A worksheet is provided to assist in calculating the Kentucky Estimated Insurance Premiums Tax (Revenue Form 74A110). On the

appropriate line (line A or line B), enter the amount of taxable premiums. On line E-1, enter any prior year credits to be carried forward.

These amounts should equal what was reported on the bottom of page 4 of the previous year’s Insurance Premiums Tax Return (Revenue

Form 74A100). On line E-2, enter the amount of guaranty fund credits available for the current calendar year. On line F, subtract your

adjustments from your anticipated premiums tax liability; and on lines G, H and I calculate your payments based on one-third of the

total estimated tax liability. This should assist in calculating your installments and help in alleviating overpayments/credits created by

the guaranty fund assessment credits.

4. When to File—The first installment of estimated tax must be filed with the Department of Revenue on or before June 1 of the current

calendar year. Detach and mail the first installment with payment. The second installment of estimated tax must be filed on or before

October 1 of the current calendar year. Detach and mail the second installment with payment.

5. Time for Payment of Estimated Tax—A company which meets the requirements specified in instruction 1 must pay the first installment

with Estimated Insurance Premiums Tax—First Installment, Form 74A110, on or before June 1 of the current calendar year. Payment

of the second installment must be submitted with the Estimated Insurance Premiums Tax—Second Installment, Form 74A110, on or

before October 1. The final installment of the tax, representing the remainder of the tax due for the year, must be paid with the Insurance

Premiums Tax Return, Form 74A100, due on or before March 1 of the following year.

6. Amended Report—An amended estimated tax report may be filed on or before October 1 of the current calendar year. Use the Amended

Second Installment of the Estimated Insurance Premiums Tax, Form 74A110, to amend your estimate.

7. Failure to Pay—Underpayment of estimated tax installments is subject to a penalty of 5 percent per month, but not more than 25

percent penalty shall be assessed on any one report. Interest is due at the tax interest rate as defined in KRS 131.010(6) from the date

the report was due.

8. Make checks payable to KENTUCKY STATE TREASURER and mail return with payment to:

Kentucky Department of Revenue



Mailing Address:

P.O. Box 1303, Frankfort, KY 40602-1303

Overnight Address:

501 High Street, Frankfort, KY 40601-2103

Additional Information or Forms—Additional information and forms may be obtained by contacting the Financial Tax Section, (502)

564-4810.

Form 74a110 - Kentucky Estimated Insurance Premiums Tax - 2012 Page 2

Related Articles

Related forms

Related Categories