Instructions For Schedule K-70 (Page 4 of 4) in pdf

INSTRUCTIONS FOR SCHEDULE K-70

GENERAL INSTRUCTIONS

LINE 2 – The tax credit is limited to 70% of the contribution

made during this tax year.

K.S.A. 72-99a07 provides a tax credit for contributions

to a Scholarship Granting Organization (SGO) for the

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

purpose of offering educational scholarships to eligible

is the maximum allowable credit.

students to pay all or a portion of the tuition to attend a

PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR

qualified school. The tax credit shall be allowed against

the corporate income tax liability, privilege tax liability, and

LINE 4 – Enter the amount of available carry forward credit

the premium tax liability for tax years commencing after

from prior year’s Schedule K-70. NOTE: This does not

December 31, 2014. in an amount equal to 70% of the

apply for first year the credit is claimed.

amount contributed to a scholarship granting organization.

The credit shall be claimed and deducted from the

LINE 5 – Enter amount from line 3 or line 4, whichever is

taxpayer’s tax liability during the tax year in which the

applicable. This is the total credit available this tax year.

contribution was made to any such SGO. If the amount of

LINE 6 – Enter the total Kansas tax liability for this tax year

the credit claimed by a taxpayer exceeds the taxpayer’s

after all credits, other than this credit.

income, privilege or premium tax liability, such excess

amount may be carried over for deduction from the

LINE 7 – Enter the lesser of the amount shown on line 5 or

taxpayer’s income, privilege or premium tax liability in the

line 6. This is the amount of credit allowed for this tax

next succeeding year or years until the total amount of the

year. Enter this amount on the appropriate line of your

credit has been deducted from tax liability.

K-120 or K-130 return.

Addition Modification. There shall be added to federal

taxable income on the Kansas return the amount of any

If line 7 is less than line 5, complete PART C.

charitable contribution deduction claimed for any contribution

PART C – COMPUTATION OF CARRY FORWARD CREDIT

or gift made to a SGO to the extent the same is claimed on

the federal return as the basis for the credit allowed.

LINE 8 – Subtract line 7 from line 5, and enter the result.

IMPORTANT: You must file a separate K-70 schedule

This is the amount of carry forward credit to be entered

for each credit claimed, including a separate

on line 4 of next year’s Schedule K-70.

schedule for credits carried forward from the prior

year. A separate worksheet must be completed for

TAXPAYER ASSISTANCE

each certificate number. For example, if you have a

carry forward amount from tax year 2015 and two new

For assistance in completing this schedule contact the

contributions in tax year 2016, you will file three K-70

Kansas Department of Revenue:

schedules — one for the 2015 carry forward amount and

By mail

Walk-in

two for the new contributions in 2016.

Tax Operations

Taxpayer Assistance Center

SPECIFIC LINE INSTRUCTIONS

Docking State Office Building

Scott Office Building

915 SW Harrison St.

120 SE 10th Ave.

Enter all requested information at the top of this

Topeka, KS 66612-1588

Topeka, KS

schedule. Complete a separate K-70 schedule for each

credit claimed.

Phone: 785-368-8222

PART A – COMPUTATION OF CREDIT FOR THIS TAX YEAR’S CONTRIBUTION

Fax: 785-291-3614

LINE 1 – Enter the total amount of contributions made to

Additional copies of this credit schedule and other tax

an approved Kansas SGO.

forms are available from our website at:

Instructions For Schedule K-70 Page 4

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