Form K-70 - Kansas Low Income Student Scholarship Credit
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1K-70
KANSAS
LOW INCOME STUDENT SCHOLARSHIP CREDIT
(Rev. 7/16)
For the taxable year beginning, _____________ , 20 ____ ; ending _________________ , 20 _____.
Name of taxpayer (as shown on return)
Employer ID Number (EIN)
IMPORTANT: Complete a separate Schedule K-70 for each scholarship granting organization contributed to this taxable year.
o
Type of filing (check one):
Corporation (K-120)
o
Bank, Trust Company, or Savings & Loan (K-130)
o
Insurance Company
CERTIFICATE NUMBER:
_________________________________________________
Name of Scholarship Granting Organization (SGO) to which contribution was made:
_____________________________________
__________________________________________________________________________________________________________
PART A – COMPUTATION OF CREDIT FOR THIS TAX YEAR’S CONTRIBUTION
1. Total contributions made to the approved SGO this tax year.
1.
________________
70%
2. Authorized credit percentage.
2.
________________
3. Total credit available for this contribution this tax year (multiply line 1 by line 2).
3.
________________
PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR
4. Enter amount of available carry forward from the prior year’s Schedule K-70.
(Not applicable for first year credit is claimed.)
4.
________________
5. Credit available. Enter the amount from line 3 or line 4, whichever is applicable.
5.
________________
6. Amount of your Kansas tax liability for this tax year after all credits, other than this credit.
6.
________________
7. Amount of credit allowable this tax year (enter the lesser of line 5 or line 6).
7.
________________
If line 7 is less than line 5 complete PART C.
PART C – COMPUTATION OF CARRY FORWARD CREDIT
8. Subtract line 7 from line 5, and enter result. This is the amount of credit to carry forward to next
year’s return. Enter this amount on line 4 of the next year’s Schedule K-70.
8.
________________
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