Kentucky Individual Income Tax Forms - Kentucky Department Of Revenue - 2012 Page 8
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762012 FEDERAL/KENTUCKY INDIVIDUAL INCOME TAX DIFFERENCES
Kentucky income tax law is based on the federal income
The chart below provides a quick reference guide to the
tax law in effect on December 31, 2006. The Department of
major federal/Kentucky differences. It is not intended to be all
Revenue generally follows the administrative regulations and
inclusive. Items not listed may be referred to the Department
rulings of the Internal Revenue Service in those areas where
of Revenue to determine Kentucky tax treatment.
no specific Kentucky law exists.
FEDERAL
KENTUCKY
PROVISION
TAX TREATMENT
TAX TREATMENT
1. Interest from Federal Obligations
Taxable
Exempt
2. Retirement Income from:
Partially exempt if retired
after December 31, 1997;
Commonwealth of Kentucky Retirement Systems
Taxable
exempt if retired before
January 1, 1998;
Kentucky Local Government Retirement Systems
Taxable
Schedule P may be required
Federal and Military Retirement Systems
Taxable
3. Pensions and Annuities Starting After 7/1/86
3-year recovery rule eliminated
3-year recovery rule retained
and Before 1/1/90
4. Other Pension and Annuity Income
Taxable
100% excludable up to $41,110;
Schedule P may be required
5. Benefits from U.S. Railroad Retirement Board
May be taxable
Exempt; Schedule P may be
required
6. Social Security Benefits
May be taxable
Exempt
7. Capital Gains on Sale of Kentucky Turnpike Bonds
Taxable
Exempt
8. Other States’ Municipal Bond Interest Income
Exempt
Taxable
9. Kentucky Local Government Lease Interest Payments
Taxable
Exempt
10. Long-Term Care Insurance Premiums Paid With
Limited deduction as self-employed
100% adjustment to gross
After-Tax Dollars
health insurance
income
11. Medical and Dental Insurance Premiums Paid With
Limited deduction as self-employed
100% adjustment to gross
After-Tax Dollars
health insurance
income
12. Capital Gains on Property Taken by
Taxable
Exempt
Eminent Domain
13. Election Workers—Income for Training or
Taxable
Exempt
Working at Election Booths
14. Artistic Contributions
Noncash contribution allowed as
Appraised value allowed as
itemized deduction
itemized deduction or
adjustment to income
15. State Income Taxes
Deductible
Nondeductible
16. Leasehold Interest—Charitable Contribution
May be deductible
Deductible; Schedule HH
required
17. Kentucky Unemployment Tax Credit
No credit allowed
$100 per certified employee;
Schedule UTC required
18. Work Opportunity Credit (federal Form 5884)
Tax credit allowed; wage expense
No credit allowed; entire wage
reduced by amount of credit
expense is deductible
19. Welfare to Work Credit (federal Form 8861)
Tax credit allowed; wage expense
No credit allowed; wage expense
reduced by amount of credit
reduced by amount of federal
credit
20. Child and Dependent Care Credit
Tax credit based on expenses
20% of federal credit
21. Family Size Tax Credit
No credit allowed
Decreasing tax credit allowed
22. Education Tuition Tax Credit
Tax credit based on expenses
Credit allowed
Form 8863-K required
23. Taxpayer Who May be Claimed as Dependent
May not claim self
May claim self
on Another’s Return (i.e., full-time student)
24. Child’s Income Reported by Parent
Permitted; taxed at parent’s rate
Not permitted
25. National Tobacco Settlement TLAP Income
Taxable
Exempt
Quota Buyout (including imputed interest)
26. Bonus Depreciation/Additional Section 179 Expense
Deductible
Nondeductible
27. Mortgage Debt Forgiveness
Exempt
Taxable
28. Domestic Production Activities Deduction
Deductible
Deductible; may be limited
29. Active Duty Military Pay
Taxable
Exempt
30. Certain Business Expenses of Reservists
Deductible
Nondeductible
6
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