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Kansas Combined Income Method of Reporting
Extracted from PDF file 2023-kansas-form-k-121.pdf, last modified October 2021Combined Income Method of Reporting
K-121 KANSAS CORPORATION COMBINED INCOME METHOD OF REPORTING (Rev. 7-21) 150618 For the taxable year beginning _______________________________ , 20 _______ , ending __________________________________ , 20 ______ Name as shown on Form K-120 PART I Employer Identification Number (EIN) KANSAS COMBINED NET INCOME Enter separate corporate names and federal identification numbers Corporation A Corporation B Eliminations (Explain Below) 1. Federal taxable income .................................................................................. 2. Total state and municipal interest ................................................................... 3. Taxes on or measured by income or fees or payments in lieu of income taxes ............................................................................................................... 4. Federal net operating loss deduction.............................................................. 5. 250 deduction related to global intangible low-taxed income (GILTI) (I.R.C. §250(a)(1)(B)) (schedule required) ................................................................ 6. Business interest expense carryforward deduction (I.R.C. § 163(j)) (schedule required) ......................................................................................... 7. Other additions to federal taxable income (schedule required) ...................... 8. Total additions to federal taxable income (add lines 2 through 7) .................. 9. Interest on U.S. government obligations......................................................... 10. IRC Section 78 and 80% of foreign dividends (schedule required) ................ 11. Global intangible low-taxed income (GILTI) (I.R.C. § 951A) (schedule required) ......................................................................................................... 12. Disallowed business interest deduction (I.R.C. § 163(j)) (schedule required) 13. Contributions to capital exceptions (I.R.C. § 118) (schedule required) .......... 14. Disallowed business meal expenses (I.R.C. § 274) (schedule required) ....... 15. Other subtractions from federal taxable income (schedule required) ............. 16. Total subtractions from federal taxable income (add lines 9 thru 15).............. 17. Net income before apportionment (add line 1 to line 8 then subtract line 16) 18. Nonbusiness income—Total company (schedule required) ........................... 19. Apportionable business income (subtract line 18 from line 17) ...................... 20. Percent to Kansas (from line 6, Part II)........................................................... 21. Amount to Kansas (line 20, Corp. A & B multiplied by line 19 combined income) ........................................................................................................... 22. Nonbusiness income—Kansas (schedule required) ....................................... 23. Kansas expensing recapture (see instructions for K-120EX) ......................... 24. Kansas expensing deduction (see instructions for K-120EX) ......................... 25. Kansas net income (add lines 21, 22 and 23; then subtract line 24) .............. 26. Kansas net operating loss deduction (schedule required) .............................. 27. Combined report income (subtract line 26 from line 25; enter result here and on line 27, Form K-120) .................................................................................. 28. Normal tax (4% of line 27) .............................................................................. 29. Surtax (3% of amount on line 27 in excess of $50,000) ................................. 30. Total tax (add lines 28 and 29; enter result here and on line 31, Form K-120) Explanation of Eliminations: ENCLOSE A COPY OF FEDERAL FORM 851 WITH THIS SCHEDULE (Any corporation filing using the combined income method with more than one entity doing business in Kansas may file one Kansas return reporting the total Kansas combined income and tax on that return.) Combined Income PART II APPORTIONMENT FORMULA FOR FORM K-121 Corporation A Within Kansas 1a. Value of owned real and tangible personal property used in the business at original cost. Beginning of Year End of Year Corporation B Within Kansas Beginning of Year End of Year 150718 Total Company Beginning of Year End of Year Inventory........................................................ Depreciable Assets ....................................... Land .............................................................. Other Tangible Assets (Enclose schedule). .. Less: Construction in Progress ..................... Total Property to be Averaged ...................... Average Owned Property (Beg. + End + 2) 1b. Net annual rental property. Multiplied by 8 ... TOTAL PROPERTY Percentage: Corporation A (divide Corporation A by Total Company) ...................................................................................................................... 1A Percentage: Corporation B (divide Corporation B by Total Company) ...................................................................................................................... 1B 2. Wages, salaries, commissions and other compensation of employees related to business income included in return. TOTAL PAYROLL .............................................................. Percentage: Corporation A (divide Corporation A by Total Company) ...................................................................................................................... 2A Percentage: Corporation B (divide Corporation B by Total Company) ...................................................................................................................... 2B 3. Sales (gross receipts, less returns and allowances) .......... a. Sales delivered or shipped to purchasers in Kansas: (1) Shipped from outside Kansas ................................... (2) Shipped from within Kansas ..................................... b. Sales shipped from Kansas to: (1) The United States Government ................................ (2) Purchasers in a state where the taxpayer would not be taxable (e.g., under Public Law 86-272) .............. c. Dividends ........................................................................ Interest ............................................................................... Rents .................................................................................. Royalties............................................................................. Gains/losses from intangible asset sales ........................... Gross proceeds from tangible asset sales ......................... Other income (attach schedule) ......................................... TOTAL SALES .................................................................. Percentage: Corporation A (divide Corporation A by Total Company).................................................................................................................. 3A Percentage: Corporation B (divide Corporation B by Total Company) .................................................................................................................. 3B 4. Total Percent: 5. Total Percent 6. Average Percent: Percentage: Corporation A (divide Corporation A by Total Company) .............................................................. 4A Percentage: Corporation B (divide Corporation B by Total Company)............................................................... 4B Percentage: Corporation A (divide Corporation A by Total Company) .............................................................. 5A Percentage: Corporation B (divide Corporation B by Total Company)............................................................... 5B Percentage: Corporation A (divide Corporation A by Total Company to line 20, Part 1, Page 1 of the K-121) 6A Percentage: Corporation B (divide Corporation B by Total Company to line 20, Part 1, Page 1 of the K-121) 6B Percent Within Kansas
K-121 Corporation Combined Income Method of Reporting Rev. 7-21
More about the Kansas Form K-121 Corporate Income Tax Estimated TY 2023
We last updated the Combined Income Method of Reporting in February 2023, so this is the latest version of Form K-121, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form K-121 directly from TaxFormFinder. You can print other Kansas tax forms here.
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TaxFormFinder has an additional 73 Kansas income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form K-4 | Employees Withholding Allowance Certificate |
| Form K-120ES | Corporate Estimated Tax Payment Vouchers |
| Form K-41 | Fiduciary Income Tax |
| Form IA-81 | Claim to Support Withholding Tax Credit |
| Form 1041V | Fiduciary Income Tax Voucher |
View all 74 Kansas Income Tax Forms
Form Sources:
Kansas usually releases forms for the current tax year between January and April. We last updated Kansas Form K-121 from the Department of Revenue in February 2023.
Form K-121 is a Kansas Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Kansas Form K-121
We have a total of ten past-year versions of Form K-121 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form K-121
K-121 Corporation Combined Income Method of Reporting Rev. 7-21
2021 Form K-121
K-121 Corporation Combined Income Method of Reporting Rev. 7-21
2020 Form K-121
K-121 Corporation Combined Income Method of Reporting Rev. 9-19_fillable
2019 Form K-121
K-121 Corporation Combined Income Method of Reporting Rev. 9-19_fillable
2018 Form K-121
K-121 Corporation Combined Income Method of Reporting Return Rev. 7-18_fillable
2017 Form K-121
untitled
2011 Form K-121
K-121 Combined Income Method of Reporting (Rev. 7-11)
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