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Kentucky Schedule K for Pass-Through Entities with Economic Development Project(s)
Extracted from PDF file 2023-kentucky-form-pte-k.pdf, last modified October 2023Schedule K for Pass-Through Entities with Economic Development Project(s)
FORM PTE(K) KENTUCKY SCHEDULE K FOR PASS-THROUGH ENTITIES WITH ECONOMIC DEVELOPMENT PROJECT(S) Commonwealth of Kentucky Department of Revenue See instructions. 2023 SCHEDULE K—OWNER’S SHARE OF INCOME, CREDITS, DEDUCTIONS, ETC., EXCLUDING THE ECONOMIC DEVELOPMENT PROJECT(S) SECTION A Pro Rata Share Items (a) Total Amount (b) Adjustments (c) Net Kentucky Amount Income (Loss) and Deductions 1 Kentucky ordinary income (loss) from trade or business activities (Form PTE, Part I, line 21)...... 1 2 Net income (loss) from rental real estate activities (attach federal Form 8825).................. 2 3 (a) Gross income from other rental activities....... 3(a) 00 (b) Less expenses from other rental activities (attach schedule)............ (b) 00 (c) Net income (loss) from other rental activities (line 3(a) less line 3(b))..................... 3(c) 4 Portfolio income (loss): (a) Interest income................................................ 4(a) (b) Dividend income.............................................. (b) (c) Royalty income................................................ (c) (d) Net short-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D, if applicable)............................. (d) (e) Net long-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D, if applicable)............................. (e) (f) Other portfolio income (loss) (attach schedule)......................................................... (f) 5 Partnerships only: Guaranteed payments to partners................................................................. 5 6 IRC §1231 net gain (loss) (other than due to casualty or theft) (attach federal Form 4797 and Kentucky Form 4797).................................. 6 7 Other income (loss) (attach schedule).................... 7 8 Charitable contributions (attach schedule)............ 8 9 IRC §179 expense deduction (attach federal Form 4562 and Kentucky Form 4562)..................................................................... 9 10 Deductions related to portfolio income (loss) (attach schedule) ................................................. 10 11 Other deductions (attach schedule)...................... 11 Investment Interest 12 (a) Interest expense on investment debts............. 12(a) (b) (1) Investment income included on lines 4(a), 4(b), 4(c), and 4(f) above........... (b)(1) (b) (2) Investment expenses included on line 10 above.............................................. (b)(2) 230396 41APTE(K)(10-23) 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 Page 1 of 3 FORM PTE(K) (2023) SCHEDULE K—OWNER’S SHARE OF INCOME, CREDITS, DEDUCTIONS, ETC., EXCLUDING THE ECONOMIC DEVELOPMENT PROJECT(S) SECTION A—continued Pro Rata Share Items (a) Total Amount Non-Refundable Tax Credits (see instructions) 13 Enter the applicable tax credit (a) __________________________________ 13(a) (b) __________________________________ (b) (c) __________________________________ (c) (b) Adjustments (c) Net Kentucky Amount 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 GENERAL PARTNERSHIPS ONLY—Refundable Tax Credits 14 15 16 Certified rehabilitation tax credit (attach certification(s))................................................... 14 Kentucky Entertainment Incentive tax credit (attach certification(s))................................................... 15 Decontamination tax credit (attach certification(s))................................................... 16 Other Items 17 (a) Type of IRC §59(e)(2) expenditures 18 19 20 21 22 23 ______________________________________ 17(a) (b) Amount of IRC §59(e)(2) expenditures............ (b) Tax-exempt interest income.................................. 18 Other tax-exempt income...................................... 19 Nondeductible expenses....................................... 20 Total property distributions (including cash) other than dividends reported in line 22 below....... 21 Other items and amounts required to be reported separately to partners/shareholders (attach schedule).................................................. 22 S-corporations only: Total dividend distributions paid from accumulated earnings and profits......... 23 SECTION B—LLET Pass-through Items (Required) 1 2 3 4 5 TOTAL AMOUNT 00 00 00 00 Kentucky gross receipts from Schedule L, Section A, line 2.................................................... 1 Total gross receipts from Schedule L, Section B, line 1........................................................... 2 Kentucky gross profits from Schedule L, Section A, line 5 ...................................................... 3 Total gross profits from Schedule L, Section B, line 3.............................................................. 4 Limited liability entity tax (LLET) nonrefundable credit from Form PTE, page 3, Part II, the total of lines 4 and 6, less $175......................................................................................... 5 SECTION C—Apportionment Pass-through Items 00 TOTAL AMOUNT 00 00 1 Kentucky receipts from Schedule A, Part I, line 1.................................................................... 1 2 Total receipts from Schedule A, Part I, line 2........................................................................... 2 SECTION D—3–Factor Apportionment (KRS 141.121) 1 2 3 4 TOTAL AMOUNT 00 00 00 00 Kentucky property from Schedule A, Part I, line 5 .................................................................. 1 Total property from Schedule A, Part I, line 6........................................................................... 2 Kentucky payroll from Schedule A, Part I, line 8...................................................................... 3 Total payroll from Schedule A, Part I, line 9............................................................................. 4 230397 41APTE(K)(10-23) Page 2 of 3 Form PTE(K) (2023) INSTRUCTIONS–KENTUCKY SCHEDULE K FOR PASS-THROUGH ENTITIES WITH ECONOMIC DEVELOPMENT PROJECT(S) Page 3 of 3 IMPORTANT: A pass-through entity that has one or more projects under the Kentucky Rural Economic Development Act (KREDA), Kentucky Industrial Development Act (KIDA), Kentucky Jobs Retention Agreement (KJRA), Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA), Kentucky Business Investment Program (KBI), Kentucky Reinvestment Act (KRA), Incentives for Energy Independence Act (IEIA), Incentives for Energy‑related Business Act (IEBA), or Farming Operation Networking Project (FON) must use this Schedule K instead of Form PTE Schedule K. Purpose of Schedule —This schedule is used to determine the owners’ shares of each item of income, credit, deduction, etc., excluding the amount of each item of income, credit, deduction, etc., attributable to the project(s). See Instructions for Schedules KREDA-SP, KIDA-SP, KJRA-SP, KIRA-SP, KJDA-SP, KBI-SP, KRA-SP, IEIASP, IEBA-SP, or FON-SP for additional information on this exclusion. SECTION A INSTRUCTIONS Column (a)—Complete this column following the instructions for Form PTE Schedule K. Column (b)— The PTE(K) reduces distributive share income to partners, members, or shareholders of the passthrough entity by the amount of income generated by the entity’s economic development projects. For each item of income or deduction, enter the amount attributable to the project or projects. If the pass-through entity has more than one project, attach a schedule reflecting the computation of the total amount of each item. If the pass-through entity’s only operation is the project or projects, the amount entered for each item should be the same as the amount entered in column (a). 41APTE(K) (10-23) Attach applicable tax computation schedule(s) (Schedules KREDA-SP, KIDA-SP, KJRA-SP, KIRA-SP, KJDA-SP, KBI-SP, KRA-SP, IEIA-SP, IEBA-SP, or FON-SP) and supporting schedules for each project. Column (c)—For each item of income or deduction, subtract the amount in column (b) from the amount in column (a) and enter the result. The amounts from this column are used to determine the amount of income, credits, deductions, etc. reflected on each owner’s Kentucky Schedule K-1. The total pro rata share items of all Schedules K-1 should equal the amount reported on the same lines of this column, Lines 1 through 23. General Partnerships Only—Enter the refundable amount for the applicable tax credit. SECTIONS B, C, AND D INSTRUCTIONS Section B—A corporation or pass-through entity must include the proportionate share of the receipts of the limited liability pass-through entity or general partnership in computing its own apportionment factor. General Partnerships should use the equivalent amounts to complete Section B. See Form PTE Schedule K for additional instructions for Sections B, C, and D.
Form PTE-K
More about the Kentucky Form PTE-K Corporate Income Tax TY 2023
PTE(K) Pass Through Entity Tax - Fill-in
We last updated the Schedule K for Pass-Through Entities with Economic Development Project(s) in February 2024, so this is the latest version of Form PTE-K, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form PTE-K directly from TaxFormFinder. You can print other Kentucky tax forms here.
Other Kentucky Corporate Income Tax Forms:
TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form PTE Instructions | Kentucky Pass-Through Entity Income and LLET Return - Instructions |
| Form 725 | Kentucky Single Member LLC Individually Owned & LLET Return |
| Form 720S | Kentucky S Corporation Income Tax and LLET Return |
| Schedule A | Apportionment and Allocation for corporations and pass-through entities taxable both within and without Kentucky - Schedule 41A720A |
| Form 92A205 | Inheritance Tax Return - Short Form |
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-K from the Department of Revenue in February 2024.
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-K
We have a total of four past-year versions of Form PTE-K 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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