Schedule K-68 - Individual Development Account Credit (Page 2 of 2) in pdf

INSTRUCTIONS FOR SCHEDULE K-68

GENERAL INFORMATION

LINE 5 – Multiply line 3 by line 4 and enter the result. This

is your share of the tax credit for contributions made

K.S.A. 74-50,208 provides an income tax credit for any

this tax year.

program contributor that contributes to an individual

Form K-120 filers: Skip lines 6, 7, and 8 and enter the

development account (IDA) reserve fund. The credit is 75%

amount from line 5 on the appropriate line of Part I,

of the amount contributed. If the credit allowed exceeds

Form K-120.

the program contributor’s tax liability in any one taxable year,

the remaining portion of the credit shall be refunded.

PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR

Limitation. No IDA Credit (Schedule K-68) shall be

(FORM K-40 AND K-41 FILERS ONLY)

allowed for any contribution made by a program contributor

which also qualified for a community service tax credit

LINE 6 – Enter the amount of your tax liabilityafter all credits

claimed on Schedule K-60.

other than this credit.

LINE 7 – Enter the lesser of lines 5 or 6. This is the amount

DEFINITIONS

of credit allowed for this tax year. Enter this amount on

the appropriate line of Form K-40 or Form K-41.

Program Contributor: A person or entity who makes a

contribution to an IDA reserve fund.

PART C – COMPUTATION OF REFUND

IDA Reserve Fund: The fund created by an approved

(FORM K-40 AND K-41 FILERS ONLY)

community-based organization for the purposes of funding

the costs incurred in the administration of the program by

LINE 8 – Subtract line 7 from line 5. This is the excess

the financial institutions and the community-based

credit to be refunded. Enter this amount on the

organizations and for providing matching funds for moneys

appropriate line of Form K-40 or Form K-41.

in IDAs.

Community-based Organization: Any religious or

TAXPAYER ASSISTANCE

charitable association or tribal entity that is approved by

the department to implement the IDA reserve fund.

Questions you have about qualifying for the Kansas

Individual Development Account Program should be

Department: The Kansas Department of Commerce.

addressed to:

SPECIFIC LINE INSTRUCTIONS

Kansas Department of Commerce

1000 SW Jackson, Suite 100

Complete information as requested at the top of the

Topeka, KS 66612-1354

schedule.

Phone: (785) 296-3485

PART A – COMPUTATION OF CREDIT AVAILABLE FROM THIS

Web site:

TAX YEAR’S CONTRIBUTIONS

For assistance in completing this schedule contact the

LINE 1 – Enter the total amount of contributions made to

Kansas Department of Revenue:

an IDA reserve fund.

LINE 2 – Partners, shareholders or members: Enter the

Tax Operations

percentage that represents your proportionate share

Docking State Office Building, 1

Floor

in the partnership, S corporation, LLC or LLP. All other

915 SW Harrison St.

taxpayers: Enter 100%.

Topeka, KS 66625-2007

LINE 3 – Multiply line 1 by line 2 and enter the result.

Phone: (785) 368-8222

Fax: (785) 291-3614

LINE 4 – The credit is limited to 75% of the amount

Web site:

contributed during this tax year.

Schedule K-68 - Individual Development Account Credit Page 2

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