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Kentucky Kentucky Education Tuition Tax Credit - Form 42A740-S24
Extracted from PDF file 2023-kentucky-form-8863-k.pdf, last modified September 2023Kentucky Education Tuition Tax Credit - Form 42A740-S24
FORM 8863-K KENTUCKY EDUCATION TUITION TAX CREDIT Enclose with Form 740 or Form 740-NP Commonwealth of Kentucky Department of Revenue Enter name(s) as shown on Form 740 or Form 740-NP, page 1. 2023 Your Social Security Number Caution: You cannot take the 2023 Kentucky Education Tuition Tax Credit if you are not eligible for the Federal Education Credits. You must attach the federal Form 8863. Carryforward Information: If you have an unused credit from prior year(s), complete Part V to determine your carryforward amount. You must have completed Form 8863-K in prior years to claim any allowable unused credit carryforward. PART I—Qualifications Yes • Are all expenses claimed on this form for an eligible educational institution No located within the Commonwealth of Kentucky (Kentucky institution)?........................................................... • Are all of the expenses claimed on this form for undergraduate studies?....................................................... • Is your Kentucky filing status single; married filing separately on a combined return; or married filing a joint return?......................................................................................................................... If you answered “No” to any of these questions above, STOP, you do not qualify for this credit. If you answered “Yes” to all questions above, go to Part II. PART II—American Opportunity Credit (List only expenses for undergraduate studies from Kentucky institutions) 1 a Student Name SSN (c) Qualified Expenses (see instructions). Do not enter more than $4,000 for each student. (d) Subtract $2,000 from column (c); if zero or less enter -0- .00 .00 (c) Qualified Expenses (see instructions). Do not enter more than $4,000 for each student. (d) Subtract $2,000 from column (c); if zero or less enter -0- .00 2 3 4 .00 .00 b Institution Name and Address a Student Name SSN (e) Multiply column (d) by 25% (.25) (f) If column (d) is zero enter the amount from column (c); otherwise, add $2,000 to column (e) and enter result .00 (e) Multiply column (d) by 25% (.25) (f) If column (d) is zero enter the amount from column (c); otherwise, add $2,000 to column (e) and enter result .00 .00 b Institution Name and Address Add the amounts on line 1, column (f)..................................................................................................... 2 Enter the decimal amount from line 6 of the federal Form 8863. If this line is blank, enter -0- and go to line 4; you cannot take any American Opportunity Credit............................................................... 3 Tentative American Opportunity Credit. Multiply line 2 by line 3 and enter here (Note: The result on line 4 cannot exceed the amount of the federal Form 8863, line 7). If you are taking the Lifetime Learning Credit for another student, complete Part III; otherwise, enter amount from line 4 on line 11................................................................................................................................ 4 230026 42A740-S24 (10-23) 00 • 00 Page 1 of 4 Page 2 of 4 FORM 8863-K (2023) PART III—Lifetime Learning Credit (List only expenses for undergraduate studies from Kentucky institutions) 5 (a) Student Name (b) Student SSN (d) Qualified Expenses (See instructions) (c) Name and Address of Kentucky Institution .00 .00 6 Add the amounts on line 5, column (d) and enter total here.................................................................... 6 00 7 Enter the smaller of line 6 or $10,000...................................................................................................... 7 00 8 Multiply line 7 by 20% (.20) and enter here.............................................................................................. 8 00 9 Enter the decimal amount from line 17 of the federal Form 8863. If this line is blank, enter -0 and go to line 10; you cannot take any Lifetime Learning Credit............................................................. 9 10 Tentative Lifetime Learning Credit. Multiply line 8 by line 9 and enter here (Note: The result on line 10 cannot exceed the amount of the federal Form 8863, line 18) .............................................. 10 • 00 11 Total Tentative Kentucky Education Tuition Tax Credits. Add lines 4 and 10. ............................... 11 00 PART IV—Allowable Education Credits 12 Multiply the amount on line 11 by 25% (.25) and enter total here........................................................... 12 00 13 Enter tentative tax from Form 740 or Form 740-NP, line 22.................................................................... 13 00 14 Enter amount from Part V, line 34. If Part V, line 34 is blank, enter -0-................................................... 14 00 15 Subtract line 14 from line 13................................................................................................................... 15 00 16 Enter the smaller of line 15 or line 12...................................................................................................... 16 00 17 Add lines 14 and 16. Enter here and on Form 740 or Form 740-NP, line 23. This is your allowable 2023 Kentucky Education Tuition Tax Credit............................................... 17 00 18 If line 15 is smaller than line 12, subtract line 15 from line 12. This is the amount of unused credit carryforward from 2023 to 2024. Enter here and on the 2023 Carryforward Worksheet, Line E, on page 3................................................................................................................. 18 230045 42A740-S24 (10-23) 00 Page 3 of 4 FORM 8863-K (2023) PART V—Credit Carryforward from Prior Years 19 Enter tentative tax from Form 740 or Form 740-NP, page 1, line 22........................................................ 19 00 20 Enter your credit carryforward from 2018................................................................................................. 20 00 21 Enter your credit carryforward from 2019................................................................................................. 21 00 22 Enter your credit carryforward from 2020................................................................................................. 22 00 23 Enter your credit carryforward from 2021................................................................................................. 23 00 24 Enter your credit carryforward from 2022................................................................................................. 24 00 25 Add lines 20 through 24 and enter total here........................................................................................... 25 00 26 Subtract line 20 from line 19. If zero or less, enter -0-............................................................................. 26 00 27 Enter 2019 credit carryforward to 2024. Subtract line 26 from line 21. If zero or less, enter -0-........... 27 00 28 Subtract line 21 from line 26. If zero or less, enter -0-............................................................................. 28 00 29 Enter 2020 credit carryforward to 2024. Subtract line 28 from line 22. If zero or less, enter -0-.......... 29 00 30 Subtract line 22 from line 28. If zero or less, enter -0-............................................................................. 30 00 31 Enter 2021 credit carryforward to 2024. Subtract line 30 from line 23. If zero or less, enter -0-.......... 31 00 32 Subtract line 23 from line 30. If zero or less, enter -0-............................................................................. 32 00 33 Enter 2022 credit carryforward to 2024. Subtract line 32 from line 24. If zero or less, enter -0-........... 00 33 34 Enter the smaller of line 19 or line 25 here and on Part IV, line 14.......................................................... 34 2023 Carryforward Worksheet A B C D E .00 From Part V, Line 27, 2019 to 2024 ____________ .00 From Part V, Line 29, 2020 to 2024 ____________ .00 From Part V, Line 31, 2021 to 2024 ____________ .00 From Part V, Line 33, 2022 to 2024 ____________ .00 From Part IV, Line 18, 2023 to 2024 ____________ If you have a carryforward of credit, maintain a copy of this worksheet or Form 8863-K for your records. This information will be needed to prepare future returns. 230203 42A740-S24 (10-23) 00 Form 8863-K (2023) Instructions for Form 8863-K Purpose of Form—Use Form 8863-K to calculate and claim your 2023 education tuition tax credits. The education credits are: the American Opportunity Credit and the Lifetime Learning Credit. These credits are based on qualified undergraduate education expenses paid to an eligible postsecondary educational institution located in Kentucky. If you elected to claim the education credit for federal purposes rather than the tuition and fees deduction, you must make that same election for Kentucky purposes. Part I, Qualifications—All questions in Part I must be answered “Yes” to be eligible to claim the Kentucky education tuition tax credit. Qualified Education Expenses—See the federal instructions to determine the qualified expenses for the American Opportunity Credit and the Lifetime Learning Credit. The allowable expenses may be different for each credit. Eligible Educational Institution located in Kentucky—An eligible educational institution is generally any accredited public, nonprofit, or private college, university, vocational school, or other postsecondary institution. The institution must be eligible to participate in a student aid program administered by the Department of Education. The institution attended must be physically located in Kentucky to qualify. Part II, American Opportunity Credit—You must enter the student’s name and Social Security number, the name and address of the Kentucky institution, and the qualified expenses. Use the federal instructions to determine if each student meets the qualifications. For Kentucky, the credit is limited to 25% of the allowable federal credit with a maximum amount allowed of $625 for each qualifying student. Page 4 of 4 Part III, Lifetime Learning Credit—You must enter the student’s name and Social Security number, the name and address of the Kentucky institution, and the qualified expenses. Use the federal instructions to determine if each student meets the qualifications. For Kentucky, the credit is limited to 25% of the allowable federal credit with a maximum allowed of $500 per return. Part IV, Allowable Education Credits— Line 12—Multiply line 11 by 25% (.25). This is your tentative Kentucky allowable credit. Line 13—Enter the tentative tax from Form 740 or Form 740‑NP, line 22. Line 14—Enter the amount from page 3, Part V, line 34. This is the allowable credit carryforward from prior year(s). If there is no carryforward, enter zero. Line 15—Subtract line 14 from line 13. Line 16—Enter the smaller of line 15 or line 12. Line 17—Add lines 14 and 16. Enter here and on Form 740 or Form 740–NP, line 23. This is your allowable 2023 education credit. Line 18—If line 15 is smaller than line 12, subtract line 15 from line 12. This is the amount of unused credit carryforward from 2023 to 2024. Maintain records for following years. Part V, Credit Carryforward from Prior Years—The Kentucky education tuition tax credit can be carried forward for up to 5 years if unused during the preceding tax year(s). You must have completed Form 8863–K for any prior year(s) in which you are claiming a credit carryforward.
Form 8863-K
More about the Kentucky Form 8863-K Corporate Income Tax Tax Credit TY 2023
We last updated the Kentucky Education Tuition Tax Credit - Form 42A740-S24 in February 2024, so this is the latest version of Form 8863-K, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 8863-K directly from TaxFormFinder. You can print other Kentucky tax forms here.
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Form Sources:
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 8863-K from the Department of Revenue in February 2024.
Form 8863-K is a Kentucky Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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 8863-K
We have a total of eleven past-year versions of Form 8863-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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