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We are new to the area and don't understand about the state income tax. We can't seem to get any forms so that we can understand whether it is going to be a big complicated deal, or just some simple thing where you take X percent of your Federal tax, or what.
Can anyone explain a little bit how the state income tax works, and whether we will have to go to a CPA because we have multiple pensions and CD's to report.
Hey, glad you were able to make it here!
And Welcome to Kentucky!
They are available at Post offices and Public Libraries in most counties.
Or you can request one at this phone number:
(502) 564-3658
Or you can use this website
For Kentucky senior citizens social security and most pension plans are not taxed unless you are over a certain income threshold.(I think it is $31,000 per person per year) https://www.kiplinger.com/retirement...s-tax-retirees
Not sure where in Kentucky you are at, in the past Lexington has provided free tax prep. for Seniors (not sure if they still do or not).
Due to the free tax act you can file your income tax electronically for free in most cases, some times with a small fee...
of course if you have a really complicated tax form you might want to find a tax attorney or CPA.
We are new to the area and don't understand about the state income tax. We can't seem to get any forms so that we can understand whether it is going to be a big complicated deal, or just some simple thing where you take X percent of your Federal tax, or what.
Can anyone explain a little bit how the state income tax works, and whether we will have to go to a CPA because we have multiple pensions and CD's to report.
From KY Department of Revenue
Individual Income Tax is due on all income earned by Kentucky residents and all income earned by nonresidents from Kentucky sources.
Kentucky's individual income tax law is based on the Internal Revenue Code in effect as of December 31, 2021​​​​​. The tax rate is five (5) percent and allows itemized deductions and certain income reducing deductions as defined in KRS 141.019​. 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.
Individual income tax laws are found in Chapter 141 of the Kentucky Revised Statutes.​​
New Filing Option - Free Fillable Forms
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. It will provide basic mathematical calculations and simple error checking, but unlike most tax software, it doesn't ask about or explain tax situations. You will need to have your federal forms completed before accessing KY File. Click here to learn more about your free filing options.
Thanks everyone. I will check our library, which I think we did a few months ago and for some reason they (I think) said no. Maybe will have them now.
I do have one question about the online filing options. We use this option for the federal requirement to disclose foreign bank accounts. This form is a "prepare and submit" situation and once you start on it, there is no going back and it gets submitted at the end.
Are the Kentucky state income tax online forms like that, or could one start on them using their instructions, etc., and see if it is going to be so complicated that we should stop right there and take everything to a CPA to prepare, or if once you start on them, the final denouement is that they get submitted. Did I explain myself properly? I guess I'm asking if I could do a trial run using the online submittal situation.
^The free online version of H & R Block allows you to do it, see the results and you don't have to press the submit button until you are ready to e-file it....or they allow you to download and/or print it if you have a preference for submitting a physical form.
That is usually who I use, not sure about the other sites though....I am guessing they might be similar?
That way you could get an idea of how much you owe or don't owe. And you will have a copy of the tax forms needed all filled out, so you would get your tax forms that way also.
(If they send messages asking if you want a paid version, just press the 'decline' button I think it is called, and you can see the results without paying)
https://www.wkyt.com/2023/01/04/cons...ate-sales-tax/
^They raised the sales tax? Oh not! Didn't hear that part.
I am usually fixing dinner when the news is on, and just listen mostly though...
Just January so I hadn't noticed yet.
Last edited by Crazee Cat Lady; 01-16-2023 at 02:21 PM..
^The free online version of H & R Block allows you to do it, see the results and you don't have to press the submit button until you are ready to e-file it....or they allow you to download and/or print it if you have a preference for submitting a physical form.
That is usually who I use, not sure about the other sites though....I am guessing they might be similar?
That way you could get an idea of how much you owe or don't owe. And you will have a copy of the tax forms needed all filled out, so you would get your tax forms that way also.
(If they send messages asking if you want a paid version, just press the 'decline' button I think it is called, and you can see the results without paying)
All Right! Sounds good. My daughter uses fileyourtaxes.com but she is so busy I couldn't get her to respond when I asked her if you could mess around with it and not actually submit it.
Another quick question - filling out Schedule B wherein you list your interest, dividends, etc., and for a non-resident form - 740 NP - the calculation sheet has two columns. You put what's on your Fed form in Column A and the pensions, etc. from Kentucky sources in Column B.
Then you divide one by the other. It looks like all our stuff would be zero in the Kentucky column, since it is all national stuff and from all over the place. Am I missing something?
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