Get Schedule Llet - Limited Liability Entity Tax - Form 41a720llet - Revenue Ky

Completing the Schedule LLET, Limited Liability Entity Tax Form 41A720LLET for Kentucky can seem complex. This guide provides a clear and supportive overview of each section of the form to facilitate an easy and accurate submission process.

Follow the steps to successfully fill out your Schedule LLET form online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter the taxable year ending date by specifying the month and the year in the designated field.
3. If applicable, check the box indicating membership in a combined group and enter the reason code, if necessary.
4. Fill in the Federal Identification Number and the name of the corporation or limited liability entity, along with the Kentucky Account Number.
5. If the entity is a pass-through entity, check the box and complete the Schedule LLET-C for further computation.
6. Proceed to Section A and input the gross receipts in Column A and Column B as instructed.
7. Deduct returns and allowances from gross receipts in Column A and Column B, then calculate the gross receipts after returns and allowances.
8. Enter the cost of goods sold in Columns A and B, and compute gross profits by subtracting the cost of goods sold from gross receipts.
9. In Section B, compute the LLET based on gross receipts, following the provided income thresholds for proper calculations.
10. In Section C, compute the LLET based on gross profits following the specified criteria.
11. Finally, in Section D, determine your LLET liability by entering the lesser of the results from Section B or Section C, or a minimum of $175.
12. Review all entries for accuracy and completeness, then save your changes, and download or print the completed form as needed.

Get started on compiling your Schedule LLET form online today!