Form 740-V: Kentucky Individual Payment Voucher

Form 740-V, also known as the Kentucky Individual Payment Voucher, is a document used by taxpayers in Kentucky to submit payment for any taxes owed on their electronically filed individual income tax return. It acts as a companion form to your electronically filed return (e.g., Form 740 or 740-NP) and helps the Kentucky Department of Revenue (KYDOR) efficiently process your payment.

What is the Purpose of Form 740-V?

A. Efficient Payment Processing: Form 740-V helps the Kentucky Department of Revenue (KYDOR) efficiently and accurately process your tax payment. By including specific information on the voucher, KYDOR can quickly connect your payment to your electronically filed return.

B. Avoiding Penalty and Interest: Timely payment of any tax owed is crucial. Using Form 740-V alongside your payment ensures you meet the deadline and avoid potential penalties and interest charges on late payments.

Who Needs Form 740-V?

You'll need Form 740-V if:

• You filed your Kentucky individual income tax return electronically (e-filed).
• You owe additional tax, interest, or penalties on your return (amounts shown on lines 33 and 35 of Form 740 or 740-NP).

How to Use Form 740-V?

Step 1: Download the Form: Download the latest version of Form 740-V attached below.

Step 2: Complete the Voucher: Fill in the following information on the voucher:

• Your Name(s): Enter your name(s) exactly as they appear on your tax return.
• Mailing Address: Ensure your current mailing address is accurate.
• Payment Details: Enter the amount of "Additional Tax Due" from line 33 of your return and the amount of "Interest and/or Penalties" from line 35 (if applicable).

Step 3: Detach and Mail: Separate the payment voucher from the rest of the form and mail it along with your payment to the address listed on the voucher (typically Kentucky Department of Revenue, Frankfort, KY).

What if I don't owe any additional tax but need to submit a payment (e.g., estimated tax)?

For estimated tax payments or other situations where you're not filing a return but owe KY taxes, you should use Form 740-ES, Kentucky Individual Income Tax Estimated Tax Voucher, instead of Form 740-V.

Can I pay electronically without using Form 740-V?

Yes, you can make electronic payments directly through KYDOR's website https://revenue.ky.gov/. While using the online payment option eliminates the need for a paper voucher, you'll still need to reference your Social Security number or tax return filing ID for accurate payment allocation.