PTE: Kentucky Pass-Through Entity Income and LLET Return (2024)
Kentucky · Kentucky DOR · Used for tax years 2024
Kentucky Form PTE is the 2024 Pass-Through Entity Income and LLET Return. It reports federal ordinary income with Kentucky additions and subtractions, and calculates LLET liability, payments, credits, and any amount due or overpayment.
What you'll need
Have your Kentucky Corporation/LLET account number, FEIN/SSN, business information, and Schedule K-1 and owner information ready.
Enclose all supporting federal forms and schedules, including federal Schedules C, E, and/or F, as applicable.
Depending on the items reported, the form also calls for:
- Schedule RPC for related-party expenses.
- Explanations for other additions or subtractions to federal ordinary income.
- Schedule TCS for nonrefundable or refundable LLET tax credits.
- Form 2220-K for an estimated tax penalty.
- Schedule DE if disregarded entities are included in the return.
- Schedule COGS for cost of goods sold.
- Federal Form 8825 for rental real estate income or loss.
- Federal and Kentucky Schedules D, if applicable, for capital gains or losses.
- Federal and Kentucky Forms 4797 for IRC § 1231 gains or losses.
- Federal and Kentucky Forms 4562 for the IRC § 179 expense deduction.
- Supporting schedules and tax credit certifications where requested in Schedule K.
How to file
Complete the applicable parts and schedules, include the supporting federal forms and schedules, and sign and date the return in the member signature area.
For a refund or no payment, mail to:
Kentucky Department of Revenue
Frankfort, KY 40618-0010
With a payment, mail to:
Kentucky Department of Revenue
Frankfort, KY 40620-0021
Make checks payable to Kentucky State Treasurer. The form lists www.revenue.ky.gov for e-pay options.
Common mistakes
- Leaving out or shortening the account number. The Kentucky Corporation/LLET account number is required and must have 9 digits. If yours has 6 digits, add leading zeros.
- Skipping required Schedule Q questions. Answer questions 1 and 2 for an initial return or if no return was filed under the same name and federal ID number for the preceding year. The form warns that failing to do so may result in a request for a delinquent return. All pass-through entities must complete questions 3 through 7.
- Including the IRC § 179 expense deduction in depreciation lines. Part I specifically says not to include it in either the federal or Kentucky depreciation amount.
- Omitting explanations for certain returns. Complete Part IV for a final or short-period return and Part V for an amended return.
Questions people ask
What does LLET stand for?
LLET stands for Limited Liability Entity Tax. Schedule L calculates this tax.
What if total adjusted gross receipts or total gross profits are $3,000,000 or less?
If Schedule L, Section B, line 1 or line 3 is $3,000,000 or less, skip Sections C and D. Enter $175 in Section E, line 1, and on page 3, Part II, line 1.
What should I attach if disregarded entities are included?
Answer “Yes” to Schedule Q, question 4, and attach Schedule DE.
Can an LLET overpayment be applied to another tax amount?
Part II provides lines to credit an LLET overpayment to 2024 income tax, 2024 interest, 2024 late filing or payment penalties, and 2025 LLET. It also provides a line for the remaining amount to be refunded.