KRS 141.305 — Estimated income tax payments -- Administrative regulations

(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 e xceed 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 esti mated 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.