Get Form 740np-wh-p - Kentucky: Department Of Revenue - Revenue Ky

Filling out the Form 740NP-WH-P is essential for pass-through entities in Kentucky to report estimated tax liabilities accurately. This guide provides clear, step-by-step instructions to help users understand and complete the form online.

Follow the steps to successfully complete your form

1. Press the ‘Get Form’ button to access the form and open it in your preferred editing tool.
2. Enter the taxable year ending in the designated fields at the top of the form.
3. Provide the name of the pass-through entity and its federal identification number in the respective fields.
4. If applicable, enter the Kentucky Corporation/LLET account number.
5. In Part I, input the number of individual partners whose tax liability exceeds $500 in line (1).
6. Next, specify the number of corporate partners whose tax liability exceeds $5,000 in line (2).
7. For line (3), record the total income tax liability as reflected on Form 740NP-WH, line 9.
8. Calculate the required prepaid liability (line 5) by multiplying line (3) by 70%.
9. Compute the statutory exemption in line (6) by multiplying the number of corporate partners (line 2) by $5,000.
10. In line (7), enter the total tax payments reported from Form 740NP-WH, lines 10 and 12.
11. For line (8), subtract totals from lines (6) and (7) from line (5).
12. To find the penalty for underpayment, multiply line (8) by 10% in line (10) and enter this amount.
13. Move to Part II and enter the tax liability of individual partners exceeding $500 in line (1).
14. Similarly, state the tax liability of corporate partners in line (2).
15. In line (3), calculate the total from line (2) multiplied by $5,000.
16. Determine the payment due dates and enter the amounts in the corresponding columns A, B, C, D, and E.
17. Complete the required individual and corporate installment lines according to the specified instructions.
18. In line (18), sum the interest due and input it as instructed.
19. Once all fields are completed, review your entries, save changes, and download or print the form for submission.

Take action now and ensure your tax obligations are met by filing the Form 740NP-WH-P online.