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The document is the Kentucky Schedule K-1 (Form 720S) for the year 2016, which reports a shareholder's share of income, credits, deductions, and other tax-related items from an S corporation. It includes sections for identifying information, pro rata share items such as income and deductions, tax credits available in Kentucky, and specific instructions for both resident and nonresident shareholders on how to report this information on their individual income tax returns.

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2019	4.8 Satisfied (141 Votes)
2016	4.4 Satisfied (327 Votes)

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Do I have to pay taxes on K1 income?

If you are the beneficiary of a trust or estate and you receive a K-1, you need to include the amounts from the K-1 on your personal income tax return. Your K-1 will report each type, or character, of income, deductions, and credits you receive in various boxes of the form.

Who must file KY form 725?

A single member LLC whose single member is an individual, estate, trust, or general partnership must file a Kentucky Single Member LLC Individually Owned Income and LLET Return (Form 725) or a Kentucky Single Member LLC Individually Owned LLET Return (Form 725-EZ) to report and pay any LLET that is due.

What is a K1 form used for?

Schedule K-1 is an IRS form used by partnerships, S corporations, and estates and trusts to declare the income, deductions, and credits that partners, shareholders, and beneficiaries have received in the tax year. Individual taxpayers transfer the financial information on their K-1s to their tax returns.

Who must file Kentucky form PTE?

Who Must FileThe owners of a pass-through entity are liable for tax on their share of the Pass-through entity income, whether or not distributed, and must include their share on the applicable Kentucky tax return.

What is the KY PTET?

The new Form PTET-CR is used to report the tax paid, based on each partners, members, or shareholders distributive share income, to each partner, member, or shareholder and to. the Department.

what is a k1

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What is the k1 reporting form?

What is a K-1 form? The United States tax code allows some entities to use pass-through taxation. This effectively shifts the income tax from the earner to those who benefit. The Schedule K-1 is the form that reports the amounts that are passed through to each party that has an interest in the entity.

Who is subject to KY llet?

Calculating KY Limited Liability Entity Tax (LLET) Kentucky imposes a tax on every business that is protected from liability by the laws of the state. This includes corporations, LLCs, S-Corporations, limited partnerships, and other types of businesses.

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