Form 740 (2023): Kentucky Individual Income Tax Return Full-Year Residents

Form 740 is the Kentucky Individual Income Tax Return used by residents of the state of Kentucky to report their income and calculate any taxes owed or due for the tax year 2023.

Who Should File Form 740?

A. Kentucky Residents: If you were a resident of Kentucky for the entire tax year 2023, you generally must file Form 740.

B. Military Spouses and Dependents: Even if you filed a federal return jointly with a military spouse stationed outside of Kentucky, you may still need to file a separate Form 740.

C. Part-Year Residents: If you moved to or from Kentucky during 2023, you may need to file Form 740 as a part-year resident.

What Information Do I Need?

Federal Tax Return: A copy of your completed federal tax return (Form 1040) may be required depending on your income sources.

W-2s and Other Income Documents: Gather all your W-2 forms for wages, 1099 forms for other income sources like interest or dividends, and any other documentation related to your income.

Deductions and Credits: Keep records of any deductions or credits you plan to claim, such as charitable contributions, medical expenses, or education credits.

Key Points about Form 740:

Filing: You can file electronically through the Kentucky Department of Revenue's website. Also, you can mail paper forms to the Kentucky Department of Revenue.

Deadlines: The filing deadline for Form 740 typically falls in April or May, depending on extensions. 

Taxes and Credits: Kentucky has its own income tax brackets and tax rates. You may also be eligible for various Kentucky tax credits that can reduce your tax liability.

Payments: If you owe taxes, you can pay electronically or by mail with a voucher.

Penalties: There are penalties for filing late or underpaying your taxes.

To access the current year's Form 740, click here.