Kentucky Statutes 141.305 – Estimated income tax payments — Administrative regulations
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(1) For taxable years beginning on or after January 1, 2019, every individual shall make estimated income tax payments if his or her:
(a) Gross income from sources other than wages upon which Kentucky income tax will be withheld can reasonably be expected to exceed five thousand dollars ($5,000) for the taxable year; or
(b) Adjusted gross income can reasonably be expected to be an amount not less than the amount for which a return is required under KRS § 141.180.
(2) No estimated tax shall be required if the estimated tax liability can reasonably be expected to be five hundred dollars ($500) or less.
(3) Estimated tax payment for the tax imposed under KRS § 141.020 shall be made at the same time and calculated in the same manner as an estimated tax payment for federal income tax purposes under 26 U.S.C. § 6654, except:
(a) The estimated tax liability for the tax imposed under KRS § 141.020 shall be used to make the estimated payment;
(b) Any provisions in 26 U.S.C. § 6654 that apply for federal tax purposes but do not apply to the taxes imposed under KRS § 141.020 shall not be included;
(c) The addition to tax identified by 26 U.S.C. § 6654(a) shall instead be considered a penalty under KRS § 131.180;
(d) The tax interest rate identified under KRS § 131.183 shall be used to determine the underpayment rate instead of the rate under 26 U.S.C. § 6621; and
(e) Any waiver of penalties shall be performed as provided in KRS § 131.175.
(4) The department may promulgate administrative regulations to implement this section.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 151, sec. 52, effective June 27, 2019. — Amended
2005 Ky. Acts ch. 85, sec. 494, effective June 20, 2005. — Amended 1992 Ky. Acts ch. 403, sec. 18, effective July 14, 1992. — Amended 1990 Ky. Acts ch. 29, sec. 3, effective July 1, 1990. — Amended 1978 Ky. Acts ch. 233, sec. 12, effective June 17,
1978. — Amended 1976 Ky. Acts ch. 155, sec. 15. — Amended 1972 Ky. Acts ch. 84, Pt. II, sec. 5. — Created 1954 Ky. Acts ch. 79, sec. 21, effective June 17, 1954.
Legislative Research Commission Note (7/13/90). The amendment to this section made by House Bill 255, 1990 Ky. Acts ch. 29, was made effective for taxable years beginning on or after July 1, 1990.
(a) Gross income from sources other than wages upon which Kentucky income tax will be withheld can reasonably be expected to exceed five thousand dollars ($5,000) for the taxable year; or
Terms Used In Kentucky Statutes 141.305
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Department: means the Department of Revenue. See Kentucky Statutes 141.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Individual: means a natural person. See Kentucky Statutes 141.010
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Taxable year: means the calendar year or fiscal year ending during such calendar year, upon the basis of which net income is computed, and in the case of a return made for a fractional part of a year under the provisions of this chapter or under administrative regulations prescribed by the commissioner, "taxable year" means the period for which the return is made. See Kentucky Statutes 141.010
- Wages: means "wages" as defined in Section 3401(a) of the Internal Revenue
Code and includes other income subject to withholding as provided in Section
3401(f) and Section 3402(k), (o), (p), (q), and (s) of the Internal Revenue Code. See Kentucky Statutes 141.900
(b) Adjusted gross income can reasonably be expected to be an amount not less than the amount for which a return is required under KRS § 141.180.
(2) No estimated tax shall be required if the estimated tax liability can reasonably be expected to be five hundred dollars ($500) or less.
(3) Estimated tax payment for the tax imposed under KRS § 141.020 shall be made at the same time and calculated in the same manner as an estimated tax payment for federal income tax purposes under 26 U.S.C. § 6654, except:
(a) The estimated tax liability for the tax imposed under KRS § 141.020 shall be used to make the estimated payment;
(b) Any provisions in 26 U.S.C. § 6654 that apply for federal tax purposes but do not apply to the taxes imposed under KRS § 141.020 shall not be included;
(c) The addition to tax identified by 26 U.S.C. § 6654(a) shall instead be considered a penalty under KRS § 131.180;
(d) The tax interest rate identified under KRS § 131.183 shall be used to determine the underpayment rate instead of the rate under 26 U.S.C. § 6621; and
(e) Any waiver of penalties shall be performed as provided in KRS § 131.175.
(4) The department may promulgate administrative regulations to implement this section.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 151, sec. 52, effective June 27, 2019. — Amended
2005 Ky. Acts ch. 85, sec. 494, effective June 20, 2005. — Amended 1992 Ky. Acts ch. 403, sec. 18, effective July 14, 1992. — Amended 1990 Ky. Acts ch. 29, sec. 3, effective July 1, 1990. — Amended 1978 Ky. Acts ch. 233, sec. 12, effective June 17,
1978. — Amended 1976 Ky. Acts ch. 155, sec. 15. — Amended 1972 Ky. Acts ch. 84, Pt. II, sec. 5. — Created 1954 Ky. Acts ch. 79, sec. 21, effective June 17, 1954.
Legislative Research Commission Note (7/13/90). The amendment to this section made by House Bill 255, 1990 Ky. Acts ch. 29, was made effective for taxable years beginning on or after July 1, 1990.