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Kansas Other Subtractions

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Question
Kansas Other Subtractions

Answer

Enter a total of the following subtractions from your federal AGI. You may not subtract the amount of your income reported to another state.

  • Jobs Tax Credit. Enter the amount of the Federal targeted jobs tax credit disallowance claimed on your Federal Income Tax return.
  • Kansas Venture Capital, Inc. Dividends. Enter the amount of dividend income received from Kansas VentureCapital, Inc.
  • KPERS Lump Sum Distributions. Employees who terminated KPERS employment after July 1, 1984, and elect to receive their contributions in a lump sum distribution will report their taxable contributions on their federal return. Subtract the contributions that have been added back on your Kansas Income Tax returns as a modification from 1984 up to the current year.
  • Partnership, S Corporation or Fiduciary Adjustments. If you received income from a partnership, S Corporation, joint venture, syndicate, trust or estate, enter your proportionate share of any required subtraction adjustments. The partnership, S Corporation, or trustee will provide you with the necessary information to determine this amount.
  • S Corporation Privilege Adjustment. If you are a shareholder in a bank, savings and loan, or other financial institution that is organized as an S Corporation, enter the portion of any income received that was not distributed as a dividend. this income has already been taxed on the privilege tax return filed by the S Corporation financial institution.
  • Sale of Kansas Turnpike Bonds. Enter the gain from the sale of Kansas Turnpike Bonds that was included in your Federal adjusted gross income.
  • Electrical Generation Revenue Bonds. Enter the gain from the sale of Electrical Generation Revenue Bonds that was included in your Federal adjusted gross income.
  • Native American Indian Reservation Income. Enter the amount of income earned on a reservation, by a native American Indian residing on his or her tribal reservation, to the extent included in federal adjusted gross income.
  • Amortization - Energy Credits: Allowable amortization deduction relating to credit schedule K-73, K-77, K-79, K-82 or K-83, and the allowable amortization deduction for carbon dioxide capture, sequestration or utilization machinery and equipment, or waste heat utilization system property. Note: 55% of the amortization costs may be subtracted in the first year and 5% for each of the succeeding nine years.
  • Organ Donor Expenses. Unreimbursed travel, lodging, and medical expenditures incurred by you or your dependent, while living, for the donation of human organ(s) to another person for transplant; to the extent that the expenditures are included in your federal AGI. This subtraction modification cannot exceed $5,000. See NOTICE 14-03 for more information.

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Views: 591 Created on: Jun 15, 2013
Date updated: Aug 18, 2015
Posted in: STATES, Kansas

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