Some business filings also available online Jan. 26
FRANKFORT – If you can’t wait to get your 2014 tax refund, then filing a tax return online is the fastest way individuals can get it – usually within 10 days as compared to potentially two to three months. Kentucky’s electronic filing system for individuals goes live Jan. 20 and goes live for businesses Jan. 26.
“We encourage Kentuckians to take advantage of filing their taxes electronically as it is the fastest, easiest and most accurate way to do so,” said Tom Miller, commissioner of the Kentucky Department of Revenue.
Electronic filing, available to individuals since tax year 1995, has proved popular, and is the only way to have a refund direct deposited. Just in the last 5 years, e-filing for individuals has increased from 65 percent to more than 84 percent in 2014, nearly a 30 percent jump.
Kentucky’s electronic system accepts several individual forms and supporting schedules including:
· Individual Income Tax Return for Full-Year Residents (Form 740);
· Individual Income Tax Return for Nonresidents and Part-Year Residents (Form 740-NP);
· Form 40A102 – Extension of Time to File Individual Income Tax Returns for Kentucky (must be filed by April 15, 2015).
If a taxpayer owes money to the state, he or she can still file the aforementioned forms, schedule a debit of the tax due, and make an estimated tax payment.
Some business forms are also available to file electronically for both refunds and payments including:
· Kentucky Corporation Income Tax and LLET Return (Form 720);
· Kentucky S Corporation Income Tax and LLET Return (Form 720-S);
· Kentucky Partnerships Income and LLET Return (Form 765).
For more information, go to www.revenue.ky.gov.