If you would like to fill out your Kentucky forms and schedules without software help or assistance, you may use KY File, the New Kentucky Filing Portal, to file your current year return. Kentucky is now offering a new way to file your return. Individual income tax laws are found in Chapter 141 of the Kentucky Revised Statutes. A full-year resident of Kentucky files Form 740 and a person who moves into or out of Kentucky during the year or is a full-year nonresident files Form 740-NP. The tax rate is five (5) percent and allows itemized deductions and certain income reducing deductions as defined in KRS 141.019. So for now, just ignore your spouse's income and focus on your own self-employment income.Kentucky's individual income tax law is based on the Internal Revenue Code in effect as of December 31, 2021. Your suggestion to just pay estimated tax payments based on what you believe will be your net yearly income from self-employment appears to be a good option. And you are right to suggest that your spouse may pay enough for the both of you to cover your self-employment tax. It can be a little complicated trying to estimate with a fair amount of certainty what you might owe in terms of self-employment tax as well as income tax. You are correct in that if you get a refund, you have overpaid your tax liability.
Your decision to pay just your part by dividing your estimated yearly net income by four is certainly an option. If you feel you are not withholding enough, you can always increase your quarterly payments to compensate for an unexpected, but perhaps welcomed, increase in includes both because you are filing jointly, and therefore, all income-you and your spouse-are included in the quarterly estimated tax computation.
So for now, just ignore your spouse's income and focus on your own self-employment income. It includes both because you are filing jointly, and therefore, all income-you and your spouse-are included in the quarterly estimated tax computation.
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