This deduction reduces your federal taxable income. When you itemize deductions on your federal return you are allowed to deduct state income taxes or sales taxes that you paid during the year. 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. Looking for Business Tax Credits? FORM 1099-G To learn more about the credits available on the federal income tax return, including the earned income tax credit (EITC), please visit The credit is claimed on line 24 of Form 740 or Form 740-NP by entering the amount of the federal credit from federal Form 2441 and multiplying by 20 percent. Kentucky taxpayers claiming the child and dependent care credit will claim this credit on Form 740 or 740-NP. The credit applies only to undergraduate studies, phases out for higher incomes, applies to most higher education opportunities within Kentucky and may be carried forward for up to five (5) years.
If total modified gross income is $36,908 or less for 2022, you may qualify for the Kentucky family size tax credit.Ī credit equal to 25 percent of the amount of the federal American Opportunity Credit and the Lifetime Learning Credit is available. The family size tax credit is based on modified gross income and the size of the family. Members of the Kentucky National Guard may claim a tax credit of $20 military reserve members are not eligible. Persons who are both age 65 or older and legally blind are eligible for both tax credits for a total of $80 per person. Also, a $40 tax credit is allowed if an individual is legally blind. Personal tax credits are reported on Schedule ITC and submitted with Form 740 or 740-NP.Ī $40 tax credit is allowed for each individual reported on the return who is age 65 or over.
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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.Ĭlick here to learn more about your free filing options.Ĭommon Kentucky Individual Income Tax Credits There are four common nonrefundable individual income tax credits available for taxpayers when the tax return is filed. KY File is designed to be the simple, electronic equivalent of paper forms.
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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. Kentucky is now offering a new way to file your return. Individual income tax laws are found in Chapter 141 of the Kentucky Revised Statutes. 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.
The tax rate is five (5) percent and allows itemized deductions and certain income reducing deductions as defined in KRS 141.019.
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Kentucky's individual income tax law is based on the Internal Revenue Code in effect as of December 31, 2021.
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