The Kentucky Form K-1 and K-3 are notoriously time-consuming. These forms are meant to report the amount of funds passing through each party who has interest in a business, corporation, or trust. For example, in business partnerships, the K-1 is reported by the partners, who are responsible for paying taxes on the business’ income—not the business itself. This is modified in the case of S corporations, which must provide a Schedule K-1 to report each shareholder’s share of income, losses, deductions, and credits. The process changes slightly for trust and estate beneficiaries, who much receive a K-1 that shows the income they need to report on their own tax returns.
Essentially, if your Kentucky business is a partnership or S corporation, you need to report and remit this form with relative frequency. The Kentucky Form K-1 is filed quarterly, whereas the Kentucky Form K-3 is an annual worksheet. If you want to bypass much of the labor necessary to report this data, we have the answer. Advanced Micro Solutions has a software capable of streamlining and expediting your K-1 and K-3 forms—as well as several other Kentucky-specific forms. Below is the breakdown of which Kentucky forms our payroll software supports and how to get started quickly, reliably, and cost-effectively.
The Kentucky Form K-3 and Additional Support
If you have been attempting to find the Kentucky Form K-1 online, there’s a reason you can’t. This, as well as the Kentucky Form K-3, requires special, scannable form copies. If you want to bypass the scannable paper copies altogether, we can help. In addition to hosting your forms and data, we offer form preparation support and e-filer support.
For those whose wage reporting needs go beyond the K-1, we can still help. Our software—specifically, AMS Payroll Software and our Forms Filer Plus —offers support for a range of Kentucky-specific forms. See below for the complete list.
Available on both AMS Payroll and with Forms Filer Plus—
- UI-3; Quarterly Wage & Tax Report
- Supplemental; Wage Listing
- K-1E; Quarterly W/H Worksheet—E-Filers
- K-3E; Annual W/H Worksheet—E-Filers
- K-1; Quarterly W/H Worksheet
- K-3; Annual W/H Worksheet
If you need support for Federal forms, our products are also equipped to handle the 941, 940, 943, 944, 1040 SchH, and more.
Additional Products from AMS
AMS offers more than Kentucky Form K-1 and K-3 support. We have a range of products perfect for customizing the accounting software that works for you. See below for our complete catalogue:
- 1099 & W2 Software
- Payroll Software
- Software-Generated Forms
- E-File Direct
- Affordable Care Act Filer
- Forms Filer Plus
If you are still hesitant about investing in an accounting software, try our free demo. We encourage all customers to try our software on for size before making the purchase. This opportunity is perfect for browsing important tools and experiencing the intuitive, user-driven platform. If you have questions, you can always call our Sales and Information team at 800-536-1099.