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. 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 four and one-half (4.5) percent and allows itemized deductions and certain income reducing deductions as defined in KRS 141.019. That's because you're paying a lot less than 24% on most of your income.Kentucky's individual income tax law is based on the Internal Revenue Code in effect as of December 31, 2022. You're paying a roughly 15% overall tax rate on your gross income, even though you're in the 24% tax bracket. So, here's what you actually have to pay:
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |