Kentucky Kentucky Fiduciary Income Tax Return

Kentucky Fiduciary Income Tax Return
Form 741
FORM

741

KENTUCKY
FIDUCIARY INCOME TAX RETURN

Commonwealth of Kentucky
Department of Revenue

2023

For calendar year or other taxable year beginning ____________ , 2023, and ending _____________ , 20___.
Check applicable box:

	 Name of Estate or Trust	

		Decedent's estate
	 	
Simple trust
	 	 Complex trust
	 	 ESBT (S portion only)
	 	 Grantor trust
	 	 Bankruptcy estate
	 	
Pooled income fund
	 

	

Check applicable boxes:
	 	
Initial return
	 	
Amended return
		Final return

Federal Employer Identification Number

	
	 Name and Title of Fiduciary	

Date Entity Created

	
	
	 Address of Fiduciary (Number and Street or P.O. Box)	

Room or Suite Number

	
	
	 City, State and ZIP Code

	 Number of Schedules K-1 enclosed.  	

(Copies Must Be Enclosed)

  Enclose a copy of the federal return including all schedules and statements.
  1	 Federal adjusted total income (federal Form 1041, line 17)................................................................................... 	1
  2	 Additions (from page 3, Schedule M, line 4).................................................................. 	

2

  3	 Enter the portion of deductions allocable to line 2......................................................... 	

3

  4	 Subtract line 3 from line 2....................................................................................................................................... 	

4

  5	 Add lines 1 and 4.................................................................................................................................................... 	5
  6	 Subtractions (from page 3, Schedule M, line 8)............................................................. 	6
  7	 Enter the portion of deductions allocable to line 6......................................................... 	

7

  8	 Subtract line 7 from line 6.......................................................................................................................................	

8

  9	 Subtract line 8 from line 5. This is your Kentucky adjusted total income (loss). Enter here
	

and on page 3, Schedule B, line 1..........................................................................................................................	9

10	 Income distribution deduction (from page 3, Schedule B, line 15)
	

(enclose Schedule(s) K-1)...........................................................................................	

10

11	 Pension income exclusion (enclose Schedule P, if more than $31,110)........................	11
12	 Federal estate tax deduction (enclose computation).....................................................	

12

13	 Add lines 10, 11 and 12.......................................................................................................................................... 	 13
14	 Total income of fiduciary (subtract line 13 from line 9)............................................................................................ 	 14
INTANGIBLE INCOME ATTRIBUTABLE TO NONRESIDENTS INCLUDED IN LINE 14
15	 Trusts or estates with income attributable to nonresident beneficiaries. Enter the portion of
	

intangible income included in line 14 that is attributable to nonresident beneficiaries.

	

Enter zero if not applicable. See instructions..........................................................................................................	15

16	 Taxable income of fiduciary (subtract line 15 from line 14) This is your taxable income . ..................................	16

Official Use Only

230029 42A741 (10-23)	

Page 1 of 3

Page 2 of 3

FORM 741 (2023)
TAX COMPUTATION
17	 (a)	 Tax: multiply line 16 by 4.5% (.045)		
	

and add tax from:

(b)	 Form 4972-K  ; Sch. RC-R  ; Sch. DS-R   
; Angel Investor Recapture  	

Total	

17c

18	 Nonrefundable credit(s) (specify and enclose supporting documents)............................................................ 	 18
19	 Total Tax (subtract line 18 from line 17(c); if line 18 is more than line 17(c), enter -0-)........................................	19
20	 (a)	 Estimated tax/Extension payments........................................................................	 20a
	

(b)	 Withholding (W-2 or 1099 — enclose forms).........................................................	 20b

	

(c)	 Nonresident Withholding from Form PTE-WH, line 9 and/or Pass-through

	

	

	

(d)	 Total of amounts on line 20(a) through 20(c)..................................................................................................	 20d

Entity Tax Credit from Form PTET-CR, line 9 (enclose forms)...............................	 20c

21	 If line 19 is larger than line 20(d), subtract line 20(d) from line 19, and enter the TAX DUE..................................	 21
22	 (a)	 Estimated tax penalty 

 Check if Form 2210-K attached................................	

22a

	

(b)	 Interest...................................................................................................................	 22b

	

(c)	 Late payment penalty.............................................................................................	 22c

	

(d)	 Late filing penalty...................................................................................................	 22d

23	 Add lines 22(a) through 22(d).................................................................................................................................	 23
24	 If the total of lines 19 and 23 is more than line 20(d), subtract line 20(d) from the total of lines 19 and
	

23.  This is the AMOUNT YOU OWE....................................................................................................................	 24

25	 If line 20(d) is more than the total of lines 19 and 23, subtract lines 19 and 23 from line 20(d). This is
	

the AMOUNT YOU OVERPAID.............................................................................................................................	 25

26	 Amount of line 25 to be CREDITED TO YOUR 2024 ESTIMATED TAX................................................................	 26
27	 Subtract line 26 from line 25. This is the amount to be REFUNDED TO YOU.......................................................	 27

I declare under the penalties of perjury that this return (including any accompanying schedules and statements) has been examined by me and, to the
best of my knowledge and belief, is a true, correct and complete return.

Sign
Here
Paid
Preparer
Use

Signature of Fiduciary or Agent	

	

Date	

PTIN or Identification Number of Fiduciary or Agent	

	

Telephone Number (daytime)

Signature of Preparer	

Date

Name of Preparer or Firm	

ID Number

Email	

Telephone No. 	

May the DOR discuss this return with this preparer?

¨

¨

		
Yes  
No

Mail To:

Kentucky Department of Revenue
Frankfort, KY 40620-0016

Payment

Check Payable: Kentucky State Treasurer
E-Pay Options: revenue.ky.gov
Include:  Your FEIN and “KY Income Tax—2023”

230030 42A741 (10-23)

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FORM 741 (2023)

SCHEDULE A—CHARITABLE DEDUCTION (Do not complete for a simple trust or pooled income fund.)
Complete Schedule A only if you made additions to or subtractions from total income on page 1, lines 2 or 6 and claimed a charitable deduction
on federal Form 1041.
  1	
	
	
  2	
	

Kentucky taxable income that was paid or set aside for charitable purposes and was not reported on
federal Form 1041, Schedule A, including additional capital gains. Enter here and include on Schedule
M, line 7................................................................................................................................................................. 	1
Kentucky tax-exempt income that was paid or set aside for charitable purposes that was reported on
federal Form 1041, Schedule A. Enter here and include on Schedule M, line 3................................................... 	
2

SCHEDULE B—INCOME DISTRIBUTION DEDUCTION (See federal instructions.)
  1	
  2	
  3	
  4	
  5	
  6	
	
  7	
  8	
	
  9	
10	
11	
12	
13	
14	
15	

Adjusted total income (enter amount from page 1, line 9)..................................................................................... 	1
Adjusted tax-exempt interest................................................................................................................................. 	
2
Net gain shown on Schedule D, Form 741, column 1, line 19 (if net loss, enter zero).......................................... 	
3
Enter amount included from federal Schedule A, line 4......................................................................................... 	
4
Enter net capital gains included on Kentucky Schedule A, line 1 or line 2............................................................ 	5
Enter any Kentucky gains included on page 1, line 9 as a negative figure. If capital loss, enter as a
positive figure. (Kentucky gain/loss includes federal figures plus Kentucky adjustments.)................................... 	6
Distributable net income (combine lines 1 through 6)........................................................................................ 	
7
If complex trust, enter accounting income for tax years as determined under the governing
instrument and applicable law............................................................................................................................... 	
8
Amount of income required to be distributed currently.......................................................................................... 	9
Other amounts paid, credited or otherwise required to be distributed................................................................... 	 10
Total distributions (add lines 9 and 10) (If greater than line 8, see federal instructions.)....................................... 	11
Enter the amount of tax-exempt income included on line 11................................................................................. 	 12
Tentative income distribution deduction (subtract line 12 from line 11).................................................................. 	 13
Tentative income distribution deduction (subtract line 2 from line 7)..................................................................... 	 14
Income distribution deduction (enter the smaller of line 13 or line 14 here and on page 1, line 10)................. 	15

SCHEDULE M (FORM 741)
Part I—Additions to Federal Adjusted Total Income
  1	
  2	
  3	
  4	

Enter interest from bonds issued by other states and their political subdivisions.................................................. 	1
Enter additions from partnerships, fiduciaries and S corporations (enclose schedule)......................................... 	
2
Other additions (enclose schedule)....................................................................................................................... 	
3
Total additions. Enter here and on page 1, line 2.................................................................................................. 	
4

Part II—Subtractions from Federal Adjusted Total Income
  5	
  6	
  7	
  8	

Enter interest from U.S. government obligations (enclose schedule).................................................................... 	5
Enter subtractions from partnerships, fiduciaries and S corporations (enclose schedule).................................... 	6
Other subtractions (enclose schedule).................................................................................................................. 	
7
Total subtractions. Enter here and on page 1, line 6............................................................................................. 	
8

ADDITIONAL INFORMATION REQUIRED
1	

4	

Was a Kentucky fiduciary income tax return filed for 2022?
 Yes   No. If "No," state reason.
5	

2	
3	

If the fiduciary has income not taxed by Kentucky, have you
deducted only that portion of expenses allocable to taxable
income?  
Yes   No.   If "Yes," enclose computation.
Did the estate or trust have any passive activity loss(es)?
 Yes   No. (If "Yes," enter the loss(es) on Form 8582-K,
Kentucky Passive Activity Loss Limitations, to determine the
allowable loss.)

230003 42A741 (10-23)

6	

If a federal audit changed the taxable income as originally
reported for any prior year, a copy of the Revenue Agent’s
Report must be submitted to the Department of Revenue. Do
not attach to this return.
During the taxable year did you make an accumulation
distribution as defined in Sec. 665(b), Internal Revenue Code?
 Yes   No. If "Yes," enclose federal Schedule J (Form
1041).
If this is an amended return, check the appropriate box on
page 1. Explain changes below. Enclose a separate page if
necessary.