A This partner is ageneral partner limited partner - revenue ky 2025

Get Form
A This partner is ageneral partner limited partner - revenue ky Preview on Page 1

Here's how it works

01. Edit your form online
Type text, add images, blackout confidential details, add comments, highlights and more.
02. Sign it in a few clicks
Draw your signature, type it, upload its image, or use your mobile device as a signature pad.
03. Share your form with others
Send it via email, link, or fax. You can also download it, export it or print it out.

How to use or fill out A This partner is a general partner limited partner - revenue ky with our platform

Form edit decoration
9.5
Ease of Setup
DocHub User Ratings on G2
9.0
Ease of Use
DocHub User Ratings on G2
  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering the calendar year or fiscal year dates at the top of the form. Ensure accuracy as this will determine your tax obligations.
  3. Fill in the Partner’s identifying number and Partnership’s FEIN. These identifiers are crucial for proper tax reporting.
  4. Complete the Partner’s name, address, and ZIP code, followed by the Partnership’s details. This information links you to your partnership.
  5. Indicate whether you are a general or limited partner by checking the appropriate box. This affects your liability and profit-sharing structure.
  6. Detail your share of income, liabilities, and ownership percentages in sections A through C. Be precise to avoid discrepancies during tax assessments.
  7. Review all entries for accuracy before saving or exporting your completed form. Use our platform's features to ensure everything is correct.

Start using our platform today for free to streamline your document editing and form completion!

be ready to get more

Complete this form in 5 minutes or less

Get form

Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.
Contact us
To obtain your valid Kentucky Corporation/LLET account number, please contact the Department of Revenue at (502) 564-3306.
If your business isnt exempt and has total gross receipts or total gross profits in excess of $6 million, multiply your Kentucky gross receipts by 0.095% and your Kentucky gross profits by 0.75% to figure your LLET liability. Youll pay the smaller of the two amounts.
How to calculate taxable income Step by Step Add all sources of income. Add standard deduction. Deduct professional tax. Factor in HRA and LTA. Subtract all applicable deductions.
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.
Partnerships are pass-through entities that dont pay federal income tax. Instead, their income, losses, deductions, and credits are passed directly to the partners, who then report their proportionate share of these items on their personal income tax returns.

People also ask

Kentucky has a flat income tax of 4%. That rate ranks around the national average for states that charge income tax. At the same time, cities and counties in Kentucky may impose their own occupational taxes directly on wages, bringing the total tax rates up to 6% or higher in some areas.
The Kentucky Limited Liability Entity Tax (KY LLET) serves the same purpose. The tax is calculated using the lesser of $0.095/$100 of Kentucky gross receipts or $0.75/$100 of Kentucky gross profits. Regardless of which calculation method is used, business owners are required to pay a minimum Kentucky LLET of $175.
The LLET may be calculated using the lesser of $0.095/$100 of Kentucky gross receipts or $0.75/$100 of Kentucky gross profits.

Related links