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January 31, 2023
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How do I get access to a schedule P

  • January 31, 2023
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January 31, 2023

You need to complete this schedule and file with Form 740 if: 

1. Your taxable pension and retirement income from all sources is greater than $35,000; and (a) you are retired from the federal government, the Commonwealth of Kentucky or a Kentucky local government; or (b) you receive supplemental U.S. Railroad Retirement Board benefits. 

2. you file Form 4972-K, Tax on Lump-Sum Distributions.

 

To generate Schedule P:

  1. Open your State return.
  2. Continue and Click Yes on the screen asking about Government Pension Income.
  3. Answer the question if you retired before January 1, 1998.  [If you did, your pension will be exempted once you enter the retirement date and pension amount on the next screen.]
  4. If you answered NO you will need to answer questions in the following screens that will allow additional amounts of your pension to be exempted from income.  
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