Form K-120s - Kansas Partnership Or S Corporation Income

LINE 14–APPORTIONABLE BUSINESS INCOME: Subtract line

LINE 19–ESTIMATED TAX PAID AND AMOUNT CREDITED

13 from line 12 and enter the result on line 14.

FORWARD: If you filed a Form K-120 last year, enter the total of

your 2011 estimated tax payments plus any 2010 overpayment

LINE 15–AVERAGE PERCENT TO KANSAS: Enter the applicable

you had credited forward to 2011.

percentages in spaces A, B, and C. If you are qualified and utilizing

the elective two-factor formula, do not enter a percentage in space

LINE 20–OTHER TAX PAYMENTS: Enter on line 20 any amount

B. Enter on line 15 the average percent from Form K-120S AS,

of prepaid tax not entered above. Do NOT enter KW-7 or KW-7S

Part III, line E. Important––Round the percent to the fourth decimal

withholding on this line.

point. If your business is wholly within Kansas enter 100.0000.

LINE 21–REFUND: Add lines 19 and 20 and enter the result on

LINE 16–AMOUNT TO KANSAS: Multiply line 14 by line 15 and

line 21. Amounts less than $5.00 will not be refunded. Before

enter the result on line 16.

mailing, mark an “X” in the refund box on the front of the envelope.

LINE 17–NONBUSINESS INCOME-KANSAS: Enter the total

amount of nonbusiness net income directly allocated to Kansas.

SIGNATURE AND VERIFICATION: The return must be signed

Submit a schedule to support the amount shown.

and sworn to by a member, partner, president, vice-president,

or other principal officer. If the return is prepared by a firm or

LINE 18–TOTAL KANSAS INCOME: If you are filing a combined

corporation, the return should be signed in the name of the

report (Schedule K-121S) or you are authorized to file using the

firm or corporation. Any person or persons who prepare the

alternative or separate accounting method, enter on line 18 the:

return for compensation must also sign the return and provide

1) Kansas income from line 18 of Schedule K-121S; or, 2) Kansas

their EIN (Employer Identification Number) or SSN (Social

income from a separate schedule prepared by you (Separate/

Alternative Method of Reporting).

Security Number).

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.

COLUMN 8—Partners or Shareholder’s modification.

PART II – PARTNER’S OR SHAREHOLDER’S

Subtract column 7 from column 6 and enter the result in column

DISTRIBUTION OF INCOME

8. This is the Kansas adjustment to be entered on Schedule S of

Part II must be completed for all partners or shareholders.

the Kansas Individual Income Tax return, Form K-40, as a

partnership or S corporation adjustment. If the amount in column

COLUMN 1—Name and address of partner or shareholder.

7 is greater than column 6, the amount in column 8 should be

List the name and permanent address of each person who was

shown as an addition modification and entered on line A5 of

a partner of the partnership or shareholder of the corporation

Schedule S. If the amount in column 7 is less than column 6, the

during the taxable year. Check the box on the right side of column

amount in column 8 should be shown as a subtraction

1 if the respective partner or shareholder was a nonresident of

modification and entered on line A17 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 of

Nonresident partners or shareholders must use the following

each partner or shareholder listed.

method to determine the amounts that will be entered in Part B of

COLUMN 3—Partner’s or Shareholder’s Percent of

Supplemental Schedule S, Form K-40.

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 18, if

percentage or shareholder’s applicable percentage.

income is derived within and outside of Kansas.

COLUMN 5—Income from Kansas sources. Kansas Resident

Since modifications for nonresident income are included in

Individuals: Multiply column 4 by line 12, page 1. Nonresidents

line 18, Form K-120S, a modification relative to the S corporation

Individuals: If income is earned only from Kansas sources multiply

or partnership income is not to be entered on line B20, Part B of

column 4 by line 12, page 1. If income is earned from inside and

Schedule S, Form K-40.

outside of Kansas, multiply column 4 by line 18, page

All Other

NOTE—Any difference in the basis of property sold which has

Partners or Shareholders: Multiply column 4 by line 18, page 1.

a higher basis for Kansas income tax purposes than for federal

Enclose a schedule showing adjustments due to any

income tax purposes and which is reported as a long-term capital

guaranteed payments.

gain for Kansas purposes, should be computed and reported to

the respective shareholder or partner for adjustment of this item

COLUMN 6—Partner’s or Shareholder’s portion of federal

on the individual income tax return. If the basis of property sold

ordinary and other income (losses) and deductions. Multiply

has a lower basis for Kansas income tax purposes than for federal

the partner’s profit percent or applicable shareholder’s

income tax purposes, no adjustment is necessary.

percentage in column 4 by line 3, page 1.

Page 8

Form K-120s - Kansas Partnership Or S Corporation Income - 2011 Page 12

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