Form K-120s - Kansas Partnership Or S Corporation Income Booklet - 2013 Page 12
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16enter a percentage in space B. Enter on line 15 the average
using the alternative or separate accounting method, enter on
line 20 the: 1) Kansas income from line 20 of Schedule
percent from Form K-120S AS, Part III, line E. Important––Round
K-121S; or, 2) Kansas income from a separate schedule
the percent to the fourth decimal point. If your business is wholly
prepared by you (Separate/Alternative Method of Reporting).
within Kansas enter 100.0000.
LINE 16—AMOUNT TO KANSAS: Multiply line 14 by line 15
LINE 21—ESTIMATED TAX PAID AND AMOUNT CREDITED
and enter the result on line 16.
FORWARD: If you filed a Form K-120 last year, enter the total of
your 2013 estimated tax payments plus any 2012 overpayment
LINE 17—NONBUSINESS INCOME-KANSAS: Enter the total
you had credited forward to 2013.
amount of nonbusiness net income directly allocated to Kansas.
Submit a schedule to support the amount shown.
LINE 22—OTHER TAX PAYMENTS: Enter on line 22 any amount
of prepaid tax not entered above. Do NOT enter KW-7 or KW-7S
LINE 18—KANSAS EXPENSING RECAPTURE (K-120EX). If you
withholding on this line.
have a Kansas expensing recapture amount from Schedule
K-120EX, enter the amount on line 18 and enclose a copy of
LINE 23—REFUND: Add lines 21 and 22 and enter the result.
your completed K-120EX and federal Form 4562.
Amounts less than $5.00 will not be refunded.
LINE 19—KANSAS EXPENSING DEDUCTION: Enter the amount
SIGNATURE AND VERIFICATION: The return must be signed
of your Kansas expensing deduction from Schedule
and sworn to by a member, partner, president, vice-president, or
K-120EX and enclose a copy of your completed K-120EX and
other principal officer. If the return is prepared by a firm or
federal Form(s) 4562. Also enclose any schedule necessary to
corporation, the return should be signed in the name of the firm
enable KDOR to reconcile the federal Form 4562 amounts to
or corporation. Any person or persons who prepare the return
the expensing claimed on the K-120EX.
for compensation must also sign the return and provide their
EIN (Employer Identification Number) or SSN (Social Security
LINE 20—TOTAL KANSAS INCOME: If you are filing a
Number).
combined report (Schedule K-121S) or you are authorized to file
LINE INSTRUCTIONS FOR FORM K-120S, PAGE 2
COLUMN 7—Partner’s or Shareholder’s portion of total
PART I—ADDITIONAL INFORMATION
Kansas income. Multiply the partner’s or shareholder’s
All entities must answer all questions in Part I.
percentage in column 4 by line 12, page 1.
PART II—PARTNER’S OR SHAREHOLDER’S
COLUMN 8—Partner’s or Shareholder’s modification.
DISTRIBUTION OF INCOME
Subtract column 7 from column 6 and enter result in column 8.
This is the Kansas adjustment to be entered on Schedule S
Part II must be completed for all partners or shareholders.
(supplemental schedule for Form K-40), as a partnership or S
corporation adjustment. If the amount in column 7 is greater
COLUMN 1—Name and address of partner or shareholder.
than column 6, the amount in column 8 should be shown as an
List the name and permanent address of each person who was
addition modification and entered on line A12 of Schedule S. If
a partner of the partnership or shareholder of the corporation
the amount in column 7 is less than column 6, the amount in
during the taxable year. Check the box on the right side of column
column 8 should be shown as a subtraction modification and
1 if the respective partner or shareholder was a nonresident of
entered on line A26 of Schedule S.
Kansas during the year.
COLUMN 2—Social Security Number (SSN) or Employer
Nonresident Partner’s or Shareholders’ Computation
Identification Number (EIN). Enter in column 2 the SSN or EIN
Nonresident partners or shareholders must use the following
of each partner or shareholder listed.
method to determine the amounts that will be entered in Part B
COLUMN 3—Partner’s or Shareholder’s Percent of
of Schedule S.
Ownership. Enter in column 3 the partner’s or shareholder’s
The taxpayer’s share of income to be entered on line B10
percent of ownership in the partnership or corporation.
(Amount from Kansas Sources) is determined by multiplying
COLUMN 4—Partner’s Profit Percent or Shareholder’s
column 4, Part II, page 2, Form K-120S by line 12, page 1, Form
Applicable Percentage. Enter in column 4 the partner’s profit
K-120S, if income is derived totally within Kansas; or line 20, if
percentage or shareholder’s applicable percentage.
income is derived within and outside of Kansas.
COLUMN 5—Income from Kansas sources. Kansas
Since modifications for nonresident income are included in
Resident Individuals: Multiply column 4 by line 12, page 1.
line 20, Form K-120S, a modification relative to the S corporation
Nonresident Individuals: If income is earned only from Kansas
or partnership income is not to be entered on line B20 of
sources multiply column 4 by line 12. If earned from inside and
Schedule S.
outside of Kansas, multiply column 4 by the sum of lines 16 and
NOTE: Any difference in the basis of property sold which has
17, page 1. All Other Partners or Shareholders: Multiply column
a higher basis for Kansas income tax purposes than for federal
4 by the sum of lines 16 and 17, page 1.
income tax purposes and which is reported as a long-term
Enclose a schedule showing adjustments due to any
capital gain for Kansas purposes, should be computed and
guaranteed payments.
reported to the respective shareholder or partner for adjustment
COLUMN 6—Partner’s or Shareholder’s portion of federal
of this item on the individual income tax return. If the basis of
ordinary and other income (losses) and deductions. Multiply
property sold has a lower basis for Kansas income tax purposes
the partner’s profit percent or applicable shareholder’s
than for federal income tax purposes, no adjustment is
percentage in column 4 by line 3, page 1.
necessary.
Page 8
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