Drake Tax – 2024 Form Availability and Tax Changes: Kentucky
Article #: 20019
Last Updated: December 26, 2024
The following Kentucky forms are supported in Drake Tax 2024. 
can be e-signed.
| Form | Description | IND | CRP | SCRP | PTR | FID |
|---|---|---|---|---|---|---|
| Warren County Schools Net Profit Tax Return | t | t | t | t | ||
| 12A200 | Individual Income Tax Installment Agreement Request | t | ||||
| 211-22 | Lexington Application for Refund | t | ||||
| 2210-K | Underpayment of Estimated Tax by Individuals | t | ||||
| 228 | Lexington-Fayette Urban County Government Net Profits License Fee Return | t | ||||
| 228 ENP | Lexington-Fayette Urban County Government Net Profits License Quarterly Estimate | t | ||||
| 2441-K | Kentucky Child and Dependent Care Credit | t | ||||
| 4972-K | Tax On Lump-Sum Distributions | t | ||||
| 62A500 | Tangible Personal Property Tax Return | t | t | t | t | t |
| 62A500-A | Tangible Personal Property Tax Return (Aircraft Assessments Only) | t | t | t | t | t |
| 62A500-C | Consignee Tangible Personal Property Tax Return | t | t | t | t | t |
| 62A500-L | Lessee Tangible Personal Property Tax Return | t | t | t | t | t |
| 62A500-M1 | Boat Dealer’s Used Inventory Listing for Line 31 Tangible Personal Property Tax Return | t | t | t | t | t |
| 62A500-S1 | Automobile Dealer’s Inventory Listing for Line 34 Tangible Personal Property Tax Return | t | t | t | t | t |
| 62A500-W | Tangible Personal Property Tax Return (Documented Watercraft) | t | t | t | t | t |
| 720 | Corporation Income Tax and LLET Return | t | t | t | ||
| 720-ES | Estimated Tax Voucher | t | t | t | ||
| 720EXT | Corporation/LLET Extension | t | t | t | t | |
| 725 | Single Member LLC Individually Owned Income and LLET Return | t | ||||
| 740 | Individual Income Tax Return Residents Only | t | ||||
| 740-ES | Estimated Tax Voucher | t | t | |||
| 740EXT | Application for Extension of Time to File | t | t | t | ||
| 740-NP | Individual Income Tax Return Nonresident or Part-Year Resident | t | ||||
| 740NP-WH | Nonresident Income Tax Withholding on Distributive Share Income Report and Composite Income Tax Return | t | t | |||
| 740-PTET | Pass-Through Entity Tax | t | t | |||
| 740-PTET-ES | Pass-Through Entity Tax Estimated Voucher | t | t | |||
| 740V | Electronic Payment Voucher | t | ||||
| 741 | Fiduciary Income Tax Return | t | ||||
| 8582-K | Passive Activity Loss Limitations | t | ||||
| 8863-K | Education Tuition Tax Credit | t | ||||
| 8874(K)-A | Notice of Kentucky New Markets Development Program Tax Credit and Certification | t | t | t | t | |
| 8879(C)-K |
Corporation or Pass-Through Entity Tax Return Declaration for Electronic Filing | t | t | t | ||
| 8879-K | Individual Income Tax Declaration for Electronic Filing | t | ||||
| 8948-K | Preparer Explanation for Not Filing Electronically | t | ||||
| KBR-V | Corp/LLET Payment Voucher | t | t | t | ||
| KY4562 | Depreciation and Amortization | t | t | t | t | t |
| NPL | Generic City Net Profit License Fee Return | t | t | t | t | t |
| OL-3 | Louisville Metro Revenue Commission Occupational License Tax Return | t | t | t | t | |
| OL-3EXT | Louisville Metro Revenue Commission Extension Request | t | t | t | t | |
| PTE | Pass-Through Entity Income and LLET Return | t | t | |||
| PTE-WH | Nonresident Income Tax Withholding on Distributive Share Income | t | t | |||
| PTET-CR | Pass-Through Entity Tax on Distributive Share Income | t | t | t | ||
| Sch. PTE-WH | Nonresident Income Tax Withholding on Distributive Share Income | t | ||||
| Sch. A (740-NP) | Itemized Deductions Nonresidents or Part-Year Residents Only | t | ||||
| Sch. A (720/ 720U/PTE/725) | Apportionment and Allocation | t | t | t | ||
| Sch. A (740) | Itemized Deductions Full-Year Residents Only | t | ||||
| Sch. CHEM | Renewable Chemical Production Tax Credit Certificate and Schedule | t | t | t | t | t |
| Sch. COGS (720/PTE/725) | Limited Liability Entity Tax Cost of Goods Sold | t | t | t | ||
| Sch. DE (720/ 720U/PTE/725) | Disregarded Entity | t | t | t | t | |
| Sch. DS | Distilled Spirits Tax Credit | t | t | t | t | |
| Sch. INV | Inventory Tax Credit (Ad Valorem) | t | t | t | t | t |
| Sch. ITC (740/740-NP) | Individual Tax Credit Schedule | t | ||||
| Sch. J (740) | Farm Income Averaging | t | ||||
| Sch. K-1 (741) | Beneficiary’s Share of Income, Credits, Deductions, etc. | t | ||||
| Sch. K-1 (PTE) | Owner’s Share of Income, Credits, Deductions, etc. | t | t | |||
| Sch. KNOL (740/ 740-NP/741) | Net Operating Loss Schedule | t | t | |||
| Sch. KW-2 (740/ 740-NP/740-NP-R) | Kentucky Income Tax Withheld | t | t | t | t | |
| Sch. L-C (720/ 720U/PTE/725) | Limited Liability Entity Tax | t | t | t | t | |
| Sch. M (740) | Federal Adjusted Gross Income Modifications | t | ||||
| Sch. NOL (720) | Net Operating Loss Schedule | t | t | |||
| Sch. P (740/740-NP/741) | Pension Income Exclusion | t | ||||
| Sch. RC | Application for Income Tax/LLET Credit for Recycling and/or Composting Equipment or Major Recycling Project | t | t | t | t | t |
| Sch. TCS (720/ 720U/PTE/725) | Tax Credit Summary Schedule | t | t | t | t | |
| Sch. UTC | Unemployment Tax Credit | t | t | t | t | t |
New Worksheet
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Worksheet INV, Kentucky Inventory Tax Credit Worksheet
Program Updates
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Federal Conformity: Kentucky updated its federal conformity date to December 31, 2024 for purposes of computing corporation and individual income taxes.
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Worksheet INV, Kentucky Inventory Tax Credit Worksheet: The Worksheet INV has been created to support the Schedule INV for TY2024 and beyond. If the Schedule ITC, Section A, line 23 is greater than zero, the Worksheet INV must be completed. A separate Worksheet INV should be completed for each entity, and the sum of all Worksheet INV, distributive share of allowable inventory credit, must match the amount claimed on Schedule ITC, Section A, line 23.
Tax Law Changes
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Family Size Tax Credit – Thresholds have been adjusted as follows for the appropriate family size:
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One – $15,060
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Two – $20,440
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Three – $25,820
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Four or more – $31,200
-
-
Standard deduction – Increased to $3,160
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Tax Rate Percentage - The tax rate percentage has been updated to 4% for Individual and Fiduciary tax returns.
e-File Reminder
The KY Department of Revenue requests that taxpayers include a driver’s license or state-issued identification number on their tax return. Doing so may expedite the return processing, but it is not required.