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Kentucky Kentucky Pass-Through Entity Income and LLET Return
Extracted from PDF file 2023-kentucky-form-pte.pdf, last modified October 2023Kentucky Pass-Through Entity Income and LLET Return
FORM PTE KENTUCKY PASS-THROUGH ENTITY INCOME AND LLET RETURN Commonwealth of Kentucky Department of Revenue 2023 For calendar year 2023 or tax years beginning (MM-DD-YY) __ __ – __ __ – 20__ __ , and ending (MM-DD-YY) __ __ – __ __ – 20__ __ B FEIN/SSN A Entity Type __ __ __ __ __ __ __ __ __ Partnership S Corporation General Partnership Name of Pass-Through Entity D Number and Street LLET Exemption Code C Kentucky Corporation/LLET Account Number (Required) __ __ __ __ __ __ Change of Name Telephone Number State of Organization City State ZIP Code __ __ / __ __ __ __ E Income Tax Exemption Code F 3-Factor Apportionment Code Date of Organization G Check applicable boxes Publicly traded partnership Qualified investment partnership LLC LP LLP Principal Business Activity in KY Initial return Change of accounting period Amended return (Complete Part V) Short-period return (Complete Part IV) Final return (Complete Part IV) NAICS Code Number in KY __ __ __ __ __ __ H K-1 and Owner Information Schedule(s) K-1 Issued Other Type of Owners Resident Owners Schedule(s) K-1 Received Nonresident Owners PART I—ORDINARY INCOME (LOSS) COMPUTATION 1 0 0 2 State taxes based on net/gross income 2 0 0 3 Federal depreciation (do not include IRC § 179 expense deduction) 3 0 0 4 Related party expense (attach Schedule RPC) 4 0 0 5 (Loss) from Form 4797 found on federal Form 1120S, line 4 or federal Form 1065, line 6 5 0 0 6 Gain from Kentucky Form 4797, Part II, line 17 6 0 0 7 Federal allowable depletion from Form 1120S, line 15 or Form 1065, line 17 7 0 0 8 Enter additions to federal taxable income from Kentucky Schedule(s) K-1. 8 0 0 1 Federal ordinary income (loss) ADDITIONS TO FEDERAL ORDINARY INCOME OFFICIAL USE ONLY P W 2 0 4 V A L # 230381 41APTE (10-23) Page 1 of 11 FORM PTE (2023) Page 2 of 11 PART I—ORDINARY INCOME (LOSS) COMPUTATION—continued 9 Internal Revenue Code adjustments (see instructions) 9 0 0 10 Other additions (attach explanation) 10 0 0 11 Total (add lines 1 through 10) 11 0 0 12 Reserved for future use 12 0 0 13 Kentucky depreciation (do not include IRC § 179 expense deduction) 13 0 0 14 Gain from Form 4797 found on federal Form 1120S, line 4 or federal Form 1065, line 6 14 0 0 15 (Loss) from Kentucky Form 4797, Part II, line 17 15 0 0 16 Kentucky allowable depletion 16 0 0 17 Enter subtractions from federal taxable income from Kentucky Schedule(s) K-1. 17 0 0 18 Internal Revenue Code adjustments (see instructions) 18 0 0 19 Other subtractions (attach explanation) 19 0 0 20 Total subtractions (add lines 12 through 19) 20 0 0 21 Kentucky ordinary income (loss) (line 11 less line 20) 21 0 0 SUBTRACTIONS FROM FEDERAL ORDINARY INCOME 230382 41APTE (10-23) FORM PTE (2023) Page 3 of 11 PART II—LLET COMPUTATION 1 Schedule L, Section E, line 1 (Page 11) 1 0 0 2 Tax credit recapture 2 0 0 3 Total (add lines 1 and 2) 3 0 0 4 Nonrefundable LLET credit from Kentucky Schedule(s) K-1 4 0 0 5 Nonrefundable tax credits (attach Schedule TCS) 5 0 0 6 LLET liability (greater of line 3 less lines 4 and 5 or $175 minimum) 6 0 0 7 Estimated tax payments 7 0 0 8 Refundable tax credits (attach Schedule TCS) 8 0 0 9 Reserved for future use 9 0 0 10 Extension payment 10 0 0 11 Prior year’s tax credit 11 0 0 12 Income tax overpayment from Part III, line 13 12 0 0 13 LLET paid on original return 13 0 0 14 LLET overpayment on original return 14 0 0 15 Estimated Tax Penalty (attach Form 2220-K) 15 0 0 16 0 0 17 LLET overpayment (lines 7 through 13 less lines 6, 14, and 15) 17 0 0 18 Credited to 2023 income tax 18 0 0 19 Credited to 2023 interest 19 20 Credited to 2023 penalty 20 21 Credited to 2024 LLET 21 16 LLET and Estimated Tax Penalty due (lines 6,14, and 15 less lines 7 through 13) 22 Amount to be refunded (line 17 less lines 18 through 21) 230383 41APTE (10-23) TAX DUE REFUND 22 0 0 FORM PTE (2023) Page 4 of 11 PART III—INCOME TAX COMPUTATION (For S-Corporations or Partnerships) By checking the box, the Partnership elects to pay the tax on behalf of its partners due to an IRS audit per KRS 141.211(4). 1 Excess net passive income tax 1 0 0 2 Built-in gains tax 2 0 0 3 Tax installment on LIFO recapture 3 0 0 4 Total (add lines 1 through 3, but not less than zero) 4 0 0 5 Estimated tax payments 5 0 0 6 Extension payment 6 0 0 7 Prior year’s tax credit 7 0 0 8 LLET overpayment from Part II, line 18 8 0 0 9 Income tax paid on original return 9 0 0 10 Income tax overpayment on original return 10 0 0 11 0 0 12 Income tax overpayment (lines 5 through 9 less lines 4 and 10) 12 0 0 13 Credited to 2023 LLET 13 0 0 14 Credited to 2023 interest 14 15 Credited to 2023 penalty 15 16 Credited to 2024 corporation income tax 16 11 Income tax due (lines 4 and 10 less lines 5 through 9) 17 Amount to be refunded (line 12 less lines 13 through 16) 230384 41APTE (10-23) TAX DUE REFUND 17 0 0 FORM PTE (2023) Page 5 of 11 PART IV—EXPLANATION OF FINAL RETURN AND/OR SHORT–PERIOD RETURN Ceased operations in Kentucky Change of ownership Successor to previous business Change in filing status Merger Other ____________________________________________ PART V—EXPLANATION OF AMENDED RETURN CHANGES Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Signature of Member Sign Here Paid Preparer Use Date __ __ /__ __ / __ __ __ __ Name of Member (Please print) Title Signature of Preparer Date Name of Preparer or Firm (Please print) ID Number Email and/or Telephone No. May the DOR discuss this return with this preparer? __ __ /__ __ / __ __ __ __ YES NO Refund Enclose All supporting federal forms and schedules, including Federal or No Schedule(s) C, E, and/or F. Payment Check Payable: Kentucky State Treasurer E-Pay Options: www.revenue.ky.gov Payment 230385 41APTE (10-23) With Payment Kentucky Department of Revenue Frankfort, KY 40618-0010 Kentucky Department of Revenue Frankfort, KY 40620-0021 FORM PTE (2023) Page 6 of 11 SCHEDULE Q—QUESTIONNAIRE IMPORTANT: Questions 1 and 2 must be answered if this is the pass-through entity’s initial return or if a return was not filed under the same name and same federal I.D. number for the preceding year. Failure to do so may result in a request for a delinquent return. 1 Indicate whether: (a) new business (b) successor to previously existing business which was organized as: (1) corporation; (2) partnership; (3) sole proprietorship; or, (4) other __________________________ ____________________________________ ____________________________________ If successor to previously existing business, give name, address, and federal I.D. number of the previous business organization. Name FEIN Address __ __ – __ __ __ __ __ __ __ 2 If a foreign pass-through entity, enter the date qualified to do business in Kentucky. __ __ / __ __ / __ __ __ __ Questions 3–7 must be completed by all pass-through entities. 3 The pass-through entity’s books are in care of: Name Address 4 Are disregarded entities included in this return? Yes No If yes, attach Schedule DE. 5 For the taxable period being reported, was the passthrough entity a partner or member in a pass-through entity doing business in Kentucky? Yes No If yes, list the name(s) and federal I.D. number(s) of the pass-through entity(ies). Name A FEIN __ __ – __ __ __ __ __ __ __ Name B FEIN __ __ – __ __ __ __ __ __ __ Name C FEIN __ __ – __ __ __ __ __ __ __ Name D FEIN __ __ – __ __ __ __ __ __ __ Name E FEIN __ __ – __ __ __ __ __ __ __ Name F FEIN __ __ – __ __ __ __ __ __ __ Name G FEIN __ __ – __ __ __ __ __ __ __ 6 For taxable period being reported, was the passthrough entity doing business in Kentucky other than through its interest held in a pass-through entity doing business in Kentucky? Yes No 7 Was this return prepared on: (a) cash basis (b) accrual basis (c) other ________________________________ __________________________________________ __________________________________________ 230386 41APTE (10-23) FORM PTE (2023) Page 7 of 11 SCHEDULE K—OWNER’S SHARE OF INCOME, CREDITS, DEDUCTIONS, ETC. SECTION A—Income (Loss) and Deductions Total Amount 1 Kentucky ordinary income (loss) from trade or business activites (Page 2, Part I, line 21) 1 0 0 2 Net income (loss) from rental real estate activities (attach federal Form 8825) 2 0 0 3 (a) Gross income from other rental activities 3(a) 0 0 (b) Less expenses from other rental activities (attach schedule) (b) 0 0 (c) Net income (loss) from other rental activities (line 3(a) less line 3(b)) (c) 0 0 4 Portfolio income (loss): (a) Interest income 4(a) 0 0 (b) Dividend income (b) 0 0 (c) Royalty income (c) 0 0 (d) Net short-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D, if applicable.) (d) 0 0 (e) Net long-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D, if applicable.) (e) 0 0 (f) 0 0 5 Partnerships Only: Guaranteed payments to partners 5 0 0 6 IRC § 1231 net gain (loss) (other than due to casualty or theft)(attach federal Form 4797 and Kentucky Form 4797) 6 0 0 7 Other income (loss) (attach schedule) 7 0 0 8 Charitable contributions (attach schedule) 8 0 0 9 IRS § 179 expense deduction (attach federal Form 4562 and Kentucky Form 4562) 9 0 0 10 Deductions related to portfolio income (loss) (attach schedule) 10 0 0 11 Other deductions (attach schedule) 11 0 0 (f) Other portfolio income (loss) (attach schedule) 230387 41APTE (10-23) FORM PTE (2023) Page 8 of 11 SCHEDULE K—OWNER’S SHARE OF INCOME, CREDITS, DEDUCTIONS, ETC.—continued SECTION A—Income (loss) and Deductions (continued) Total Amount Investment Interest 12(a) 0 0 (b)(1) Investment income included on Section A, lines 4(a), 4(b), 4(c), and 4(f) (b)(1) 0 0 (b)(2) Investment expenses included on Section A, line 10 (b)(2) 0 0 (a) __________________________________________ 13(a) 0 0 (b) __________________________________________ (b) 0 0 (c) __________________________________________ (c) 0 0 14 0 0 15 Kentucky Entertainment Incentive tax credit (attach certification(s)) 15 0 0 16 Decontamination tax credit (attach certification(s)) 16 0 0 17 (a) Type of IRC §59(e)(2) expenditures (b) Amount of IRC §59(e)(2) expenditures 17(b) 0 0 18 Tax-exempt interest income 18 0 0 19 Other tax-exempt income 19 0 0 20 Nondeductible expenses 20 0 0 21 Property distributions (including cash) other than dividend distributions reported to you on Form 1099-DIV 21 0 0 22 Supplemental information required to be reported to each owner (attach schedule) 22 0 0 23 S-corporations only: Total dividend distributions paid from accumulated earnings and profits 23 0 0 12 (a) Interest expense on investment debts Non-Refundable Tax Credits (see instructions) 13 Enter the applicable tax credit: GENERAL PARTNERSHIPS ONLY—Refundable Tax Credits 14 Certified rehabilitation tax credit (attach certification(s)) Other Items 230388 41APTE (10-23) FORM PTE (2023) Page 9 of 11 SCHEDULE K—OWNER’S SHARE OF INCOME, CREDITS, DEDUCTIONS, ETC.—continued SECTION B—LLET Pass-through Items (Required) 1 Kentucky gross receipts from Schedule L, Section A, line 2 1 0 0 2 Total gross receipts from Schedule L, Section B, line 1 2 0 0 3 Kentucky gross profits from Schedule L, Section A, line 5 3 0 0 4 Total gross profits from Schedule L, Section B, line 3 4 0 0 5 Limited liability entity tax (LLET) nonrefundable credit from page 3, Part II, the total of lines 4 and 6, less $175 5 0 0 SECTION C—Apportionment Pass-through Items 1 Kentucky receipts from Schedule A, Part I, line 1 1 0 0 2 Total receipts from Schedule A, Part I, line 2 2 0 0 SECTION D—3–Factor Apportionment (KRS 141.121) 1 Kentucky property from Schedule A, Part I, line 5 1 0 0 2 Total property from Schedule A, Part I, line 6 2 0 0 3 Kentucky payroll from Schedule A, Part I, line 8 3 0 0 4 Total payroll from Schedule A, Part I, line 9 4 0 0 230389 41APTE (10-23) FORM PTE (2023) Page 10 of 11 SCHEDULE L—LIMITED LIABILITY ENTITY TAX COMPUTATION Check the box and complete Schedule L-C, Limited Liability Entity Tax—Continuation Sheet, if the corporation filing this tax return is a partner or member of a limited liability pass-through entity or general partnership doing business in Kentucky. Enter the total amounts from Schedule L-C in Section A of this schedule. SECTION A—Computation of Kentucky Gross Receipts and Gross Profits 1(a) Gross receipts less returns and allowances 1(a) 0 0 (b) Kentucky statutory gross receipts reductions (b) 0 0 2 2 0 0 3(a) Cost of goods sold (attach Schedule COGS) 3(a) 0 0 (b) Kentucky statutory cost of goods sold reductions (b) 0 0 4 Adjusted cost of goods sold (line 3(a) less line 3(b)) 4 0 0 5 Gross profits (line 2 less line 4) 5 0 0 Adjusted gross receipts (line 1(a) less line 1(b)) SECTION B—Computation of TOTAL Gross Receipts and Gross Profits 1 Adjusted gross receipts 1 0 0 2 Cost of goods sold (attach Schedule COGS) 2 0 0 3 Gross profits (line 1 less line 2) 3 0 0 If Section B, Line 1 or 3 is $3,000,000 or less, SKIP Sections C and D and enter $175 in Section E, Line 1 and then enter $175 on page 3, Part II, Line 1. Otherwise, continue to Section C on the next page. 230390 41APTE (10-23) FORM PTE (2023) Page 11 of 11 SCHEDULE L—LIMITED LIABILITY ENTITY TAX COMPUTATION—continued SECTION C—Computation of Gross Receipts LLET 1 If gross receipts from all sources (Section B, line 1) are greater than $3,000,000, but less than $6,000,000, enter the following: (Section A, line 2 x 0.00095) – [ $2,850 x ($6,000,000 – Section A, line 2) $3,000,000 ] but in no case shall the result be less than zero. 1 0 0 2 If gross receipts from all sources (Section B, line 1) are $6,000,000 or greater, enter the following: Section A, line 2 x 0.00095. 2 0 0 3 Enter the amount from line 1 or line 2. 3 0 0 SECTION D—Computation of Gross Profits LLET 1 If gross profits from all sources (Section B, line 3) are greater than $3,000,000, but less than $6,000,000, enter the following: [ (Section A, line 5 x 0.0075) – $22,500 x ($6,000,000 – Section A, line 5) $3,000,000 ] but in no case shall the result be less than zero. 1 0 0 2 If gross profits from all sources (Section B, line 3) are $6,000,000 or greater, enter the following: Section A, line 5 x 0.0075. 2 0 0 3 Enter the amount from line 1 or line 2. 3 0 0 1 0 0 SECTION E—Computation of LLET 1 Enter the lesser of Section C, line 3 or Section D, line 3 here and on Page 3, Part II, line 1. If less than $175, enter the minimum of $175 here and on Page 3, Part II, line 1. 230391 41APTE (10-23)
Form PTE
More about the Kentucky Form PTE Corporate Income Tax Tax Return TY 2023
Pass Through Entity Tax - Fill-in
We last updated the Kentucky Pass-Through Entity Income and LLET Return in January 2024, so this is the latest version of Form PTE, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form PTE directly from TaxFormFinder. You can print other Kentucky tax forms here.
Related Kentucky Corporate Income Tax Forms:
TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kentucky Form PTE.
| Form Code | Form Name |
|---|---|
| Form PTE Instructions | Kentucky Pass-Through Entity Income and LLET Return - Instructions |
| Form PTE-WH | Kentucky Nonresident Income Tax Withholding on Net Distributive Share Income |
| Form PTE-K | Schedule K for Pass-Through Entities with Economic Development Project(s) |
| Form O-PTE | Other Additions and Subtractions to/from Federal Ordinary Income |
| Schedule K-1 (Form PTE) | Owner's Share of Income, Credits, Deductions, ETC. |
| Schedule O-PTE | Other Additions and Subtractions to/from Federal Ordinary Income |
View all 130 Kentucky Income Tax Forms
Form Sources:
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form PTE from the Department of Revenue in January 2024.
Form PTE is a Kentucky Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Kentucky Form PTE
We have a total of four past-year versions of Form PTE in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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