If you earned income in Kentucky then, your individual income tax is due. Income tax is due on all income made by Kentucky residents and also by nonresidents who earned income from Kentucky sources. If you live in Kentucky for the full year you will file Form 740 or Form 740-EZ. Now if you move into Kentucky during the year or leave during the year or if youre a full year nonresident, you will file Form 740-NR.
When will I get my refund?
For the current year a return can take about 8 to 12 weeks to process. If you happened to be filing a prior year Kentucky state tax return then it can take around 6 months to process. The same goes for amended returns also.
How can I get the Forms and Instructions?
By writing FORMS, Kentucky Department of Revenue, Frankfort, KY. 40620
Call 502-564-3658
I requested direct deposit and didnt get it, what do I do now?
Well, there must have been a problem with the way the form was filled out. Usually it is an error with the routing number, account number was incorrect, account was closed, if money was owed to another state agency it may have been intercepted or simply a miscalculation on your Kentucky state return tax form and they adjusted the refund request.
If my return was correct, how long does it take to get my direct deposit refund?
If the return was indeed filled correctly then, the direct deposit should be in your account within 7 to 10 business days. Usually direct deposit is 1 to 2 weeks faster than if you had requested a check to be sent. If all of this time has passed and you still dont have your refund then, check with your financial institution to make sure the refund really went into your account.
How can I pay my taxes?You can pay them online. You can pay them over the phone. You can set up a payment agreement that is handled by the Division of Collections. You can use the e-pay system that allows them to take electronic payments for the taxpayers.
Extra Time
If you know you will not have your federal income tax return prepared by April 15 and you know you need more time, file for an extension, and you will have an extra six months to complete your tax return. Your new filing deadline will be October 15, 2009. Now heres the bad news.
If you know you owe the government money, you are still going to have to pay your taxes and include your payment with Form 4868 for the extension. If you do everything stated above then, you will be allowed the extension.
What if I Forgot to File an Extension?
Well, that all depends on if you owe money or if youre getting money back. If you happen to be expecting a refund, you will not be hit with a penalty for filing your income tax return late. It doesnt matter if you filed for an extension or not. Remember, the penalty for filing a late tax return is a percentage of what is owed to the IRS. If you dont owe anything then, even 100% of nothing is nothing. Of course its always better to file on time for a lot of reasons.
Late Filing, Late Payment Penalty
Even if you dont have the money you owe the IRS, you should still file by April 15. In this case, you will be made to pay a late payment fee and not a late filing fee. This will save you some money. The two fees are different. The late filing penalty is a percent of what is owed.
Questions, Questions
You may still have a lot of questions, for example, What if I dont have the money to pay? Can I pay with my credit card? Personally, I believe TurboTax Online is the best income tax return softwareavailable.
Tax experts are right at your finger tips prepared to answer all of your questions about the IRS penalty for late filing. They will get you the biggest refund you are entitled to and that is a guarantee.
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