2017 ProSeries/Kentucky Readme

Items addressed in this release

Items addressed in previous releases

What's new for ProSeries/Kentucky

Forms

Electronic filing

Items addressed in this release

Form 740-ES, Estimated Tax Voucher. Amount Paid will now print with the decimal point.

Form 725, Schedule L, Limited Liability Entity Tax Computation. ProSeries/Kentucky has been updated to fix calculation issues in Section A of Schedule L.

Form 740NP, Page 3. The tuition and fees deduction has been added back to line 29.

Schedule A, Kentucky Itemized Deductions (Forms 740 and 740NP). The qualified mortgage insurance premiums paid has been added back to line 13.

Form 740NP, Kentucky Income Tax Withheld. ProSeries/Kentucky has been updated to not allow a negative number on line 30a.

The following items are new for tax year 2017:

Kentucky’s Standard Deduction for individual income tax has increased from $2,460 to $2,480.

Schedule A Limitation. For tax year 2017, the limitation on itemized deductions threshold has increased to $186,350 ($93,175 if married filing separately on a combined return or separate returns).

Family Size Tax Credit. This credit provides benefit to individuals and families at incomes up to 133 percent of the threshold amount based on the federal poverty level. The 2017 threshold amount is $12,060 for a family size of one, $16,240 for a family of two, $20,420 for a family size of three and $24,600 for a family size of four or more.

Schedule KW–2. This new schedule will be used in place of submitting Form W-2s, 1099s, and W2-Gs for any return not electronically filed.

Amended Return for Form 740 filers. You may use Form 740 to file an amended return beginning with tax year 2017. You must check the amended box on the first page of Form 740. You will need to provide a copy of the Form 1040X and any supporting schedules that have been amended. Prior year amended returns can still be filed using the Form 740-X (available in prior year's ProSeries/Kentucky).

Kentucky Energy Efficiency Products Tax Credit (Form 5695-K). This credit has expired and is no longer available.

Prepaid Debit Card. Taxpayers receiving a refund have an option to receive their refund on a prepaid debit card issued by Bank of America. Taxpayers also have the option of receiving the debit card disclosure material in Spanish.

The Kentucky Department of Revenue has approved for filing all forms and schedules included in ProSeries/Kentucky.

You can file returns electronically with this version of ProSeries/Kentucky.

For a list of forms that can be e-filed go to What's New This Year in Help Center.

End of ReadMe file for ProSeries/Kentucky