141.305 Estimated income tax payments -- Administrative regulations.

264 words·~1 min read·/ky/chapter-141/141-305

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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. sec. 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. sec. 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. sec. 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. sec. 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.