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

INSTRUCTIONS FOR SCHEDULE K-68

GENERAL INFORMATION

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

contributed during this tax year.

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

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

program contributor that contributes to an individual

is your share of the tax credit for contributions made

development account (IDA) reserve fund. Legislation passed

this tax year.

in 2012 limited this credit to C-Corps only; however 2015

legislation reinstated the credit for all income filers for tax

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

years commencing after December 31, 2014.

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

The credit is 75% of the amount contributed. If the credit

Form K-120.

allowed exceeds the program contributor’s tax liability in

PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR

any one taxable year, the remaining portion of the credit

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

shall be refunded.

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

LINE 6 – Enter the amount of your tax liability after all credits

allowed for any contribution made by a program contributor

other than this credit.

which also qualified for a community service tax credit

claimed on Schedule K-60.

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

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

DEFINITIONS

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

PART C – COMPUTATION OF REFUND

Program Contributor: A person or entity who makes a

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

contribution to an IDA reserve fund.

IDA Reserve Fund: The fund created by an approved

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

community-based organization for the purposes of funding

credit to be refunded. Enter this amount on the

the costs incurred in the administration of the program by

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

the financial institutions and the community-based

organizations and for providing matching funds for moneys

TAXPAYER ASSISTANCE

in IDAs.

Community-based Organization: Any religious or

Questions you have about qualifying for the Kansas

charitable association or tribal entity that is approved by

Individual Development Account Program should be

the department to implement the IDA reserve fund.

addressed to:

Department: The Kansas Department of Commerce.

Kansas Department of Commerce

1000 SW Jackson, Suite 100

SPECIFIC LINE INSTRUCTIONS

Topeka, KS 66612-1354

Complete information as requested at the top of the

Phone: 785-296-3485

schedule.

Website:

PART A – COMPUTATION OF CREDIT AVAILABLE FROM THIS TAX

For assistance in completing this schedule contact the

YEAR’S CONTRIBUTIONS

Kansas Department of Revenue:

LINE 1 – Enter the total amount of contributions made to an

Tax Operations

IDA reserve fund.

Docking State Office Building, 1

Floor

915 SW Harrison St.

LINE 2 – Partners, shareholders or members: Enter the

Topeka, KS 66625-2007

percentage that represents your proportionate share

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

Phone: 785-368-8222

taxpayers: Enter 100%.

Fax: 785-291-3614

Website:

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

Schedule K-68 - Kansas Individual Development Account Credit Page 2

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