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Kansas Individual Development Account Credit
Extracted from PDF file 2023-kansas-form-k-68.pdf, last modified December 2022Individual Development Account Credit
K-68 KANSAS 192018 INDIVIDUAL DEVELOPMENT ACCOUNT CREDIT (Rev. 8-22) For the taxable year beginning _________________________________ , 20 _______ ; ending _______________________________ , 20_______ Name of taxpayer (as shown on return) Social Security Number or Employer ID Number (EIN) If partner, shareholder or member, enter name of partnership, S corporation, LLC or LLP Employer ID Number (EIN) Enter exact date and amount of contributions made this taxable year (if additional space is needed, enclose a separate sheet): Date Amount Date Amount _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ PART A – COMPUTATION OF CREDIT AVAILABLE FROM THIS TAX YEAR’S CONTRIBUTIONS 1. Enter the total amount contributed to an Individual Development Account Reserve Fund this tax year. 1. _______________________________ 2. Enter your proportionate share percentage (see instructions). 2. _______________________________ 3. Credit allowed (multiply line 1 by line 2). 3. _______________________________ 4. Authorized credit percentage. 4. _______________________________ 5. Your share of the credit (multiply line 3 by line 4). 5. _______________________________ % 75% Form K-120 filers: Skip lines 6 through 8 and enter this amount on the appropriate line in Part I of Form K-120 or Form K-120S. PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR (FORM K-40 AND K-41 FILERS ONLY) 6. Amount of your total Kansas tax liability for this tax year after all credits other than this credit. 6. _______________________________ 7. Amount of credit this tax year (enter the lesser of lines 5 or 6). 7. _______________________________ 8. _______________________________ Form K-40 or K-41 filers: Enter this amount on the appropriate line of Form K-40 or Form K-41. If line 7 is less than line 5, complete PART C. PART C – COMPUTATION OF REFUND (FORM K-40 AND K-41 FILERS ONLY) 8. Excess credit to be refunded (subtract line 7 from line 5). Form K-40 or K-41 filers: Enter this amount on the appropriate line of Form K-40 or Form K-41. INSTRUCTIONS FOR SCHEDULE K-68 GENERAL INFORMATION K.S.A. 74-50,208 provides an income tax credit for any program contributor that contributes to an individual development account (IDA) reserve fund. Legislation passed in 2012 limited this credit to C-Corps only; however 2015 legislation reinstated the credit for all income filers for tax years commencing after December 31, 2014. The credit is 75% of the amount contributed. If the credit allowed exceeds the program contributor’s tax liability in any one taxable year, the remaining portion of the credit shall be refunded. K.S.A. 74-50,227 requires the collection of certain tax incentive information for publication on a database managed by the Kansas Department of Commerce. Information collected will include the name and address, including county of the recipient receiving the benefits from the tax incentive program, the annual amount of incentive claimed, distributed or received, qualification criteria for the incentive, and required benchmarks for continued participation in the program and progress made towards the benchmarks. Limitation. No IDA Credit (Schedule K-68) shall be allowed for any contribution made by a program contributor which also qualified for a community service tax credit claimed on Schedule K-60. DEFINITIONS Program Contributor: A person or entity who makes a contribution to an IDA reserve fund. IDA Reserve Fund: The fund created by an approved community-based organization for the purposes of funding the costs incurred in the administration of the program by the financial institutions and the community-based organizations and for providing matching funds for moneys in IDAs. Community-based Organization: Any religious or charitable association or tribal entity that is approved by the department to implement the IDA reserve fund. Department: The Kansas Department of Commerce. SPECIFIC LINE INSTRUCTIONS Complete information as requested at the top of the schedule. PART A – COMPUTATION OF CREDIT AVAILABLE FROM THIS TAX YEAR’S CONTRIBUTION LINE 1 – Enter the total amount of contributions made to an IDA reserve fund. LINE 2 – Partners, shareholders or members of pass through entities that have NOT elected to be taxed at the entity level: Enter the percentage that represents your proportionate share in the partnership, S Corporation, LLC or LLP. If you have elected to be taxed at the entity level, enter the sum of the percentages being taxed. All other taxpayers: Enter 100%. LINE 3 – Multiply line 1 by line 2 and enter the result. LINE 4 – The credit is limited to 75% of the amount contributed during this tax year. LINE 5 – Multiply line 3 by line 4 and enter the result. This is your share of the tax credit for contributions made this tax year. Form K-120 filers: Skip lines 6, 7, and 8 and enter the amount from line 5 on the appropriate line of Part I, Form K-120 or Form K-120S. PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS YEAR (FORM K-40 AND D-41 FILERS ONLY) LINE 6 – Enter the amount of your tax liability after all credits other than this credit. 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 the appropriate line of Form K-40 or Form K-41. PART C – COMPUTATION OF REFUND (FORM K-40 AND K-41 FILERS ONLY) LINE 8 – Subtract line 7 from line 5. This is the excess credit to be refunded. Enter this amount on the appropriate line of Form K-40 or Form K-41. TAXPAYER ASSISTANCE Questions you have about qualifying for the Kansas Individual Development Account Program should be addressed to: Kansas Department of Commerce 1000 SW Jackson Suite 100 Topeka KS 66612-1354 Phone: 785-296-4100 kansascommerce.gov For assistance in completing this schedule contact the Kansas Department of Revenue: Taxpayer Assistance Center Scott Office Building 120 SE 10th Ave PO Box 750260 Topeka KS 66699-0260 Phone: 785-368-8222 Fax: 785-291-3614 Additional copies of this credit schedule and other tax forms are available from our website at: ksrevenue.gov
K-68 Kansas Individual Development Account Credit Rev. 8-22
More about the Kansas Form K-68 Corporate Income Tax Tax Credit TY 2023
We last updated the Individual Development Account Credit in February 2024, so this is the latest version of Form K-68, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form K-68 directly from TaxFormFinder. You can print other Kansas tax forms here.
Other Kansas Corporate Income Tax Forms:
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-68 from the Department of Revenue in February 2024.
Form K-68 is a Kansas Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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-68
We have a total of eleven past-year versions of Form K-68 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form K-68
K-68 Kansas Individual Development Account Credit Rev. 8-22
2022 Form K-68
K-68 Kansas Individual Development Account Credit Rev. 8-22
2021 Form K-68
K-68 Kansas Individual Development Account Credit Rev. 8-20
2020 Form K-68
K-68 Kansas Individual Development Account Credit Rev. 8-20
2019 Form K-68
K-68 Kansas Individual Development Account Credit Rev. 8-19
2018 Form K-68
K-68 Kansas Individual Development Account Credit
2017 Form K-68
K-68 Kansas Individual Development Account Credit
2016 Form K-68
K-68 Kansas Individual Development Account Credit
2015 Form K-68
Individual Development Account Credit K-68 Rev. 7-15
2013 Form K-68
untitled
2011 Form K-68
K-68 Individual Development Account Credit (Rev. 8-11)
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