Schedule K-68 - Individual Development Account Credit
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1
2K-68
–
KANSAS
INDIVIDUAL DEVELOPMENT ACCOUNT CREDIT
(Rev. 8/11)
For the taxable year beginning _________________ , 20____ ; ending _________________ , 20____ .
Name of taxpayer (as shown on return)
Social Security Number or Employer ID Number (EIN)
If partner, shareholder or member, enter name of partnership, S corporation, LLC or LLP
Employer ID Number (EIN)
Enter exact date and amount of the contributions made this taxable year (if additional space is needed, enclose a separate sheet):
Date
Amount
Date
Amount
_____________________
________________________
_________________________
_________________________
_____________________
______________________
______________________
_____________________
_____________________
______________________
______________________
_____________________
PART A
COMPUTATION OF CREDIT AVAILABLE FROM THIS TAX YEAR’S CONTRIBUTIONS
1. Enter the total amount contributed to an Individual Development Account Reserve Fund this tax year. 1.
________________
2. Enter your proportionate share percentage (see instructions).
2.
________________
3. Credit allowed (multiply line 1 by line 2).
3.
________________
75%
4. Authorized credit percentage.
4.
________________
5. Your share of the credit (multiply line 3 by line 4).
5.
________________
Form K-120 filers: Skip lines 6 through 8 and enter this amount on the appropriate line in Part I of
Form K-120.
PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR (FORM K-40 AND K-41 FILERS ONLY)
6. Amount of your total Kansas tax liability for this tax year after all credits other than this credit.
6.
________________
7. Amount of credit this tax year (enter the lesser of lines 5 or 6).
7.
________________
Form K-40 or K-41 filers: Enter this amount on the appropriate line of Form K-40 or Form K-41.
If line 7 is less than line 5, complete PART C
PART C – COMPUTATION OF REFUND (FORM K-40 AND K-41 FILERS ONLY)
8. Excess credit to be refunded (subtract line 7 from line 5).
8.
________________
Form K-40 or K-41 filers: Enter this amount on the appropriate line of Form K-40 or Form K-41.
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