Schedule K-68 - Kansas Individual Development Account Credit
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1K-68
KANSAS
INDIVIDUAL DEVELOPMENT ACCOUNT CREDIT
(Rev. 9/13)
For the taxable year beginning _________________ , 20____ ; ending _________________ , 20____ .
Name of taxpayer (as shown on return)
Employer ID Number (EIN)
Name of parent corporation
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
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COMPUTATION OF CREDIT AVAILABLE FROM CONTRIBUTIONS THIS TAX YEAR (C Corporations only)
1. Enter the total amount contributed to an Individual Development Account Reserve Fund this tax year.
1. ________________
75%
2. Authorized credit percentage.
2. ________________
3. Your tax credit (multiply line 1 by line 2). Enter the result here and on appropriate line in Part I of
Form K-120.
3. ________________
financial institutions and the community-based organizations
GENERAL INFORMATION
and for providing matching funds for moneys in IDAs.
K.S.A. 74-50,208 provides an income tax credit for any
Community-based Organization: Any religious or
program contributor that contributes to an individual
charitable association or tribal entity that is approved by
development account (IDA) reserve fund. The credit is 75%
Kansas Department of Commerce to implement the IDA
of the amount contributed. If the credit allowed exceeds
reserve fund.
the program contributor’s tax liability in any one taxable
year, the remaining portion of the credit shall be refunded.
TAXPAYER ASSISTANCE
Limitation. No IDA Credit (Schedule K-68) shall be
Questions about qualifying for the Kansas IDA Program
allowed for any contribution made by a program contributor
should be addressed to:
which also qualified for a community service tax credit
claimed on Schedule K-60.
Kansas Department of Commerce
1000 SW Jackson, Suite 100
For tax year 2013, and all tax years thereafter,
Topeka, KS 66612-1354
new credits shall be available to only corporations
that are subject to the Kansas corporate income tax (i.e.,
Phone: (785) 296-3485
C corporations). New credits shall no longer be available
Web site:
to individuals, partnerships, S corporations, limited liability
companies, and other pass-through entities.
For assistance in completing this schedule contact the
Kansas Department of Revenue:
DEFINITIONS
Tax Operations
Docking State Office Building, 1
st
Floor
Program Contributor: A person or entity who makes a
915 SW Harrison St.
contribution to an IDA reserve fund.
Topeka, KS 66612-1588
IDA Reserve Fund: The fund created by an approved
Phone: (785) 368-8222
community-based organization for the purposes of funding
Fax: (785) 291-3614
costs incurred in the administration of the program by the
Web site:
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