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Form 1040 - Schedule M online Kentucky: What You Should Know
Interest Income — Kentucky Statutes § 20-1106 Retirement Income (Form of Government) Dental Income (Tax Deduction) Rent, Renters, and Tenants Other Income, net if earned by you or by someone else What type of Kentucky return will I receive? You will receive a return that is very similar to a 1040A. Except for some changes made to the Form 740, the return you receive will be similar to a 1040. But it will have one key difference: The state does not require the taxpayer to file this return. Note the differences between the 1040, Schedule M, and Form 740. 1040A — Schedule M (Form 740) Kentucky — Schedule M (Form 740). Kentucky has been very successful in developing a 1040A Form based on the federal form. It follows the state's version of the federal form. So, while you would use the 1040 for federal income tax purposes, see our instructions for Kentucky income tax purposes, you will use this 1040A form for other purposes, including filing Kentucky state tax returns. So, what has changed for this form? The federal form (Form 1040) gives each state a set rate for each level of tax that is collected (e.g., income, corporate taxes, sales, sales taxes, etc). For Kentucky, the state has a different set rate on each form, based on the specific local taxes that the return includes. The Kentucky state rate is lower. That means we have added a state rate that is lower than the federal rate. That state amount was 0.50 to the federal rate, but it is now rounded down to 0.25. You should add all the local taxes you paid on Schedule M or Form 740 on line 1, and multiply it by the rate that you are filing. So, in addition to your total federal income tax, you will also add the federal state local tax and state sales taxes. So, if you paid 20 for the use tax included on Schedule M, the state (1/2) tax would be 12.50. That total would be rounded up to 17.50.
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