It depends. There are two reasons to file a Schedule P for KY:
- Your pension amount is over $31,110 (KY excludes all pension below that amount from taxable income, and KY Schedule P is not necessary when this is the case)
- You have a percentage calculation associated with your pension that determines how much is taxable. These percentage amounts are generally from teachers and other government employees. However, if your pension does not have a percentage amount associated with it, Schedule P is also not needed. Amounts above $31,110 will be taxable. If there is a percentage amount, then the amount of taxable pension will be calculated with the percentage amount on Schedule P. (TurboTax will generate these questions when this form might be needed, otherwise all pension is automatically excluded).
[Edited 3/27/2020 to conform to current law]
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