Schedule KCR: Kentucky Consolidated Return Schedule (Revision 2024-10)
Kentucky · Kentucky DOR · Used for tax years 2024
Schedule KCR is Kentucky’s Consolidated Return Schedule for 2024. It reports federal taxable income, Kentucky additions and subtractions, and net income, with columns for corporations, intercompany eliminations, and consolidated totals.
Who files this form
An affiliated group filing an elective consolidated Kentucky tax return under KRS 141.201 must complete Schedule KCR to calculate its Kentucky consolidated net income.
Attach Schedule KCR to Form 720, Kentucky Corporation Income Tax and LLET Return.
What you'll need
Have these forms and details available, as applicable:
- Each subsidiary’s name, federal employer identification number (FEIN), and Kentucky Corporation/LLET Account Number, if applicable.
- Schedule CR, line 28, for the federal taxable income amounts.
- Form 720 and its Part I instructions for additions and subtractions.
- Schedule A, Part II, lines 3 and 7, for net non-apportionable income amounts.
- Federal Form 1120, federal Form 4797, Kentucky Form 4797, Kentucky Schedule D, and Kentucky Schedules K-1 for the amounts referenced on Schedule KCR.
- A copy of the Revenue Agent Report (Form 4549) if amending Form 720 because of RAR adjustments.
Attach all applicable schedules and explanations for other additions on line 20 or other subtractions on line 39.
How to file
Attach Schedule KCR to Form 720, Kentucky Corporation Income Tax and LLET Return, filed with the Kentucky Department of Revenue.
Transfer lines 1 through 40 of Schedule KCR’s Total column to Form 720, Part I, lines 1 through 40.
Common mistakes
- Do not leave out applicable schedules. The form says to attach all applicable schedules.
- Attach an explanation for other additions on line 20 and other subtractions on line 39.
- Use the RAR lines, 8 and 26, only when amending Form 720 because of Revenue Agent Report adjustments. Attach a copy of the report to the return.
- If the group has more than two subsidiaries, use page 3, the continuation sheet.
Questions people ask
What if the group has more than two subsidiaries?
Use page 3, the Kentucky Consolidated Return Schedule continuation sheet. Enter each subsidiary’s name, FEIN, and Kentucky Corporation/LLET Account Number, if applicable.
Where do the amounts for line 1 come from?
Enter the amounts from Schedule CR, line 28, in the corresponding columns of Schedule KCR.
How do I report intercompany eliminations?
For additions on lines 2 through 20 and subtractions on lines 22 through 39, enter each line’s intercompany elimination in the Intercompany Eliminations column and its consolidated total in the Consolidated Totals column.
How do I calculate net income on line 40?
For each column, subtract lines 22 through 39 from line 21. Line 21 is the total of lines 1 through 20.
Where do the amounts for lines 41 and 42 come from?
For line 41, enter net non-apportionable income from Schedule A, Part II, line 3, in the total column. For line 42, use Kentucky net non-apportionable income from Schedule A, Part II, line 7. Also enter the applicable amounts in the parent and subsidiary columns.