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To find your Kentucky Limited Liability Entity Tax (LLET) number, check your registration documents or contact the Kentucky Department of Revenue. This number is crucial for fulfilling your business tax obligations. Maintaining your Kentucky Job Expense Record can streamline the process of tracking various tax numbers and their associated responsibilities.
Kentucky is now offering a new way to file your return. If you would like to fill out your Kentucky forms and schedules without software help or assistance, you may use KY File, the New Kentucky Filing Portal, to file your current year return. KY File is designed to be the simple, electronic equivalent of paper forms.
You may be exempt from withholding if you work in Kentucky but reside in one of the following reciprocal states: Illi- nois, Indiana, Michigan, West Virginia, Wisconsin, Virginia and you commute daily or Ohio and you are not a sharehold- eremployee who is a twenty (20) percent or greater direct or indirect equity
You may be exempt from withholding for 2021 if both the following apply: 20, you had a right to a refund of all Kentucky income tax withheld because you had no Kentucky income tax. liability, and. 20, you expect a refund of all your Kentucky income tax withheld.
Kentucky residents and businesses must pay state taxes and file tax returns. The state employs a flat income tax rate of 5 percent. Everyone pays the same tax rate provided you meet the income requirements to file.
When an error is corrected after the taxpayer has signed Form 8879-K, and the corrected Kentucky taxable income varies more than $50, or the corrected refund or balance due varies more than $14, a new Form 8879-K must be completed for taxpayer signature.
If you received a Kentucky income tax refund last year, we're required by federal law to send Form 1099-G to you to remind you that the state refund must be reported as income on your federal tax return if you itemize deductions.
KY K-3 InformationEmployers withholding less than $400 Kentucky income tax a year will be required to file a return and remit the tax annually. The employer will be notified by DOR when the account is placed on an annual filing basis.
Kentucky has a flat 5.00 percent individual income tax rate. There are also jurisdictions that collect local income taxes. Kentucky has a 5.00 percent corporate income tax rate. Kentucky has a 6.00 percent state sales tax rate and does not levy any local sales taxes.
Form 740 is the Kentucky income tax return for use by all taxpayers. This PDF packet includes Form 740, supplemental schedules, and tax instructions combined in one document, updated for the 2011 tax year.