What is form 740NP WH for?

What is form 740NP WH for?

A Nonresident withholding and Composite Income Tax Return is filed on form 740NP-WH (with copy A of PTE-WH completed for each partner, member, or shareholder) by the 15th day of the fourth month following the close of the tax year.

Does Kentucky allow composite tax returns?

Kentucky eliminates composite returns for nonresident individuals and extends deadline to apply for major recycling credit. With the enactment of House Bill 249 on March 29, 2021, Kentucky eliminated composite returns for nonresidents and extended the deadline to apply for the major recycling credit.

What is a tax form 740?

​Child and Dependent Care Credit. Kentucky taxpayers claiming the child and dependent care credit will claim this credit on Form 740 or 740-NP. To learn more about the credits available on the federal income tax return, including the earned income tax credit (EITC), please visit www.irs.gov.

What is distributive share income?

Distributive share refers to the allocation of income, loss, deduction, or credit from a business to a partner in a partnership or an S Corporation owner. Distributive share is also applied to S corporation owners, based on their percentage share of shares owned in the S corporation.

Who is subject to LLET?

Kentucky’s limited liability entity tax applies to traditional corporations, S corporations, LLCs, limited partnerships (LPs), and limited liability partnerships (LLPs). The tax is based on a business’s annual gross receipts. For businesses with gross receipts less than $3 million, there is a minimum LLET of $175.

How does a pass-through entity work?

A pass-through entity (also known as flow-through entity) is a business structure in which business income is treated as personal income of the owners. It is used to avoid double taxation, when business income is subject to corporate tax and then to the owner’s personal income.

How do I calculate my Kentucky tax liability?

You will find your 2018 Kentucky Tax liability on Page 2, Line 29, Page 2 of your Form 40.

Where can I find my 740 tax form?

For 2016 and prior, use Form 740-X. You may obtain these forms by contacting a Kentucky Taxpayer Service Center or writing FORMS, Kentucky Department of Revenue, P. O. Box 518, Frankfort, KY 40602-0518. You may also download forms at www.revenue.ky.gov the Department of Revenue’s website.

Do partners pay taxes on distributions?

Unlike regular corporations, partnerships aren’t subject to income tax. Instead, each partner is taxed on the partnership’s earnings — whether or not they’re distributed. Similarly, if a partnership has a loss, the loss is passed through to the partners.

How to get assistance with nonresident withholding in Kentucky?

If you need assistance with nonresident withholding, please call (502) 564-8139 or email us at [email protected] No results found. Stay Connected! Get the latest Revenue Withholding Tax news and updates directly in your inbox.

Who is exempt from withholding tax in Kentucky?

The withholding rate is at the maximum rate provided in KRS 141.020 or KRS 141.040. A partner, member, or shareholder may be exempt from withholding if an appropriate tax return was filed for the prior year. Every pass-through entity required to withhold Kentucky income tax must make a declaration and payment of estimated tax.

How to make estimated income tax payments in Kentucky?

Instructions to determine if you are required to make estimated payments are available in the Kentucky Nonresident Income Tax Withholding Instructions Packet. If you need assistance with nonresident withholding, please call (502) 564-8139 or email us at [email protected]