Get Form 741

Kentucky extends state tax filing deadline to May 17 Kentucky Gov. Andy Beshear has directed the Revenue Department to extend the deadline for residents to file their state income taxes. A statement from the Finance and Administration Cabinet says the date was extended from April 15 to May 17.

Form 1041 (fiduciary tax return) is the income tax form used for estates and trusts. It is used to report INCOME in the estate or trust, including sales of property. The estate or trust exists until final distribution of its assets. ... Once chosen, the tax year can only be changed with IRS permission.

IRS Form 1041, U.S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income. The decedent and their estate are separate taxable entities.

The executor or personal representative of an estate must file Form 1041 when a domestic estate has gross income during the tax year of $600 or more. A 1041 tax return must also be filed if one or more of the estate's beneficiaries are nonresident aliens even if it earned less than $600.

The State of Kentucky recognizes a properly filed Federal tax extension (IRS Form 4868). Therefore, if you have a valid Federal extension, you will automatically be granted a Kentucky extension.

For 2016 and prior, use Form 740-X. You may obtain these forms by contacting a Kentucky Taxpayer Service Center or writing FORMS, Kentucky Department of Revenue, P. O. Box 518, Frankfort, KY 40602-0518. You may also download forms at www.revenue.ky.gov the Department of Revenue's website.

Individual Income Tax is due on all income earned by Kentucky residents and all income earned by nonresidents from Kentucky sources. ... A full-year resident of Kentucky files Form 740 and a person who moves into or out of Kentucky during the year or is a full-year nonresident files Form 740-NP.

ADMINISTRATION EXPENSES In the case of a decedent's estate, if the election was made not to deduct costs of administration, including attorney's fees actually allowed and paid, on a Kentucky inheritance tax return, these expenses may be deducted on Form 741.

ǧ 235-1 Definitions: Resident estate means an estate of a resident decedent the fiduciary of which was appointed by a court of this State and the administration of which is carried on in this State, and resident trust means a trust of which the fiduciary is a resident of the State or the administration of which is ...