741: Kentucky Fiduciary Income Tax Return (2024)
Kentucky · Kentucky DOR · Used for tax years 2024
Form 741 is the 2024 Kentucky Fiduciary Income Tax Return for estates and trusts. It reports income, Kentucky adjustments, deductions, tax, credits and payments to determine the amount owed or overpaid.
What you'll need
Enclose a copy of the federal return, including all schedules and statements, and copies of Schedules K-1. Enter the number of Schedules K-1 enclosed on page 1.
Depending on the items reported, the form also calls for:
- Schedule P if the pension income exclusion is more than $31,110.
- A computation for the federal estate tax deduction.
- Schedule ITC and supporting documents for nonrefundable credits.
- Forms W-2 or 1099 for withholding claimed on line 20(b).
- Form PTE-WH and/or Form PTET-CR for amounts claimed on line 20(c).
- Supporting schedules for the Schedule M entries marked “enclose schedule.”
- Federal Schedule J (Form 1041) if an accumulation distribution was made.
- An expense-allocation computation if you answer “Yes” to Additional Information question 2.
If the estate or trust had passive activity losses, enter them on Form 8582-K to determine the allowable loss.
How to file
Complete the applicable return lines and schedules, answer the Additional Information questions on page 3, and enclose the required documents. The fiduciary or agent must sign and date the return.
The form lists this mailing address:
Kentucky Department of Revenue
Frankfort, KY 40620-0016
Make checks payable to Kentucky State Treasurer. Include your FEIN and a notation identifying KY Income Tax for 2024.
For electronic payment options, the form directs you to revenue.ky.gov. It does not provide e-file instructions.
Common mistakes
- Leaving out attachments: The form requires a copy of the federal return with all schedules and statements, plus copies of Schedules K-1.
- Completing Schedule A when it does not apply: Do not complete it for a simple trust or pooled income fund. Otherwise, complete it only if you made additions or subtractions on page 1, line 2 or 6, and claimed a charitable deduction on federal Form 1041.
- Attaching a prior-year federal audit report to this return: If a federal audit changed previously reported taxable income, submit a copy of the Revenue Agent’s Report to the Department of Revenue, but do not attach it to this return.
- Failing to identify an amended return: Check the amended-return box on page 1 and explain the changes on page 3. Enclose a separate page if necessary.
Questions people ask
What tax rate does the 2024 form use?
Line 17(a) directs you to multiply taxable income on line 16 by 4% (.04). Line 17 also calls for adding any tax from the listed forms or recapture items.
What if the estate or trust has intangible income attributable to nonresident beneficiaries?
Line 15 asks for the portion of intangible income included in line 14 that is attributable to nonresident beneficiaries. Enter zero if this does not apply. Line 16 subtracts line 15 from line 14 to determine taxable income.
How is the income distribution deduction entered?
Schedule B, line 15 uses the smaller of line 13 or line 14. Enter that amount on page 1, line 10, and enclose Schedules K-1.
Can an overpayment be applied to next year’s estimated tax?
Yes. On the 2024 return, line 26 lets you designate an amount from your overpayment to be credited to your 2025 estimated tax. Line 27 subtracts that credit from the overpayment to determine the refund.