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Kansas Free Printable K-70 Kansas Low Income Student Scholarship Credit Rev. 7-19 for 2020 Kansas Low Income Student Scholarship Credit

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Low Income Student Scholarship Credit
K-70 Kansas Low Income Student Scholarship Credit Rev. 7-19

K-70 (Rev. 7-19) KANSAS 192118 LOW INCOME STUDENT SCHOLARSHIP CREDIT 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) IMPORTANT: Complete a separate Schedule K-70 for each scholarship granting organization contributed to this taxable year. CERTIFICATE NUMBER: ________________________________________________________________________ Name of Scholarship Granting Organization (SGO) to which contribution was made:________________________________________________ _______________________________________________________________________________________________________________________________________________________________ PART A – COMPUTATION OF CREDIT FOR THIS TAX YEAR’S CONTRIBUTION 1. Total contributions made to the approved SGO this tax year. 1. __________________________ 2. Enter your proportionate share percentage (see instructions). 2. __________________________ 3. Your share of contributions (multiply line 1 by line 2; see instructions). 3. __________________________ 4. Authorized credit percentage. 4. __________________________ 5. Your share of the credit for the contributions made this tax year (multiply line 3 by line 4). 5. __________________________ 6. Enter amount of available carry forward from the prior year’s Schedule K-70. (Not applicable for first year credit is claimed.) 6. __________________________ 7. Credit available. Enter the amount from line 5 or line 6, whichever is applicable. 7. __________________________ 8. Amount of your Kansas tax liability for this tax year after all credits, other than this credit. 8. __________________________ 9. Amount of credit allowable this tax year (enter the lesser of line 7 or line 8). 9. __________________________ 10. __________________________ 70% PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR If line 9 is less than line 7 complete PART C. PART C – COMPUTATION OF CARRY FORWARD CREDIT 10. Subtract line 9 from line 7, and enter result. This is the amount of credit to carry forward to next year’s return. Enter this amount on next year’s Schedule K-70. INSTRUCTIONS FOR SCHEDULE K-70 GENERAL INFORMATION K.S.A. 72-4357 provides a tax credit equal to 70% of the amount contributed to a Scholarship Granting Organization (SGO) for the purpose of offering educational scholarships to eligible students to pay all or a portion of the tuition to attend a qualified school. Beginning after December 31, 2016, total donations cannot exceed $500,000 per contributor for any tax year. Total tax credits shall not exceed $10,000,000 for any tax year. For tax years commencing after December 31, 2014, the tax credit shall be allowed against the corporate income tax liability, privilege tax liability, or premium tax liability. For tax years commencing after December 31, 2016, the tax credit shall be allowed against the tax liability for all taxpayers. The credit shall be claimed and deducted from the taxpayer’s tax liability during the tax year in which the contribution was made to any such SGO. If the amount of the credit claimed by a taxpayer exceeds the taxpayer’s income, privilege or premium tax liability, such excess amount may be carried over for deduction from the taxpayer’s income, privilege or premium tax liability in the next succeeding year or years until the total amount of the credit has been deducted from tax liability. Addition Modification. There shall be added to federal taxable income on the Kansas return the amount of any charitable contribution deduction claimed for any contribution or gift made to a SGO to the extent the same is claimed on the federal return as the basis for the credit allowed. IMPORTANT: A separate K-70 schedule is required for each credit claimed, including a separate schedule for credits carried forward from the prior year. A separate worksheet must be completed for each certificate number. For example, if you have a carry forward amount from tax year 2016 and two new contributions in tax year 2017, you will file three K-70 schedules — one for the 2016 carry forward amount and two for the new contributions in 2017. LINE 2 – Partners, shareholders or members: Enter the percentage that represents your proportionate share in the partnership, S corporation, LLC or LLP. All other taxpayers: Enter 100%. LINE 3 – Multiply line 1 by line 2, and enter the result on line 3. This is your share of the contributions made and claimed as the basis for the credit this tax year. LINE 4 – The tax credit is limited to 70% of the contribution made during this tax year. LINE 5 – Multiply line 3 by line 4 and enter the result. This is the maximum allowable credit. PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR LINE 6 – Enter the amount of available carry forward credit from prior year’s Schedule K-70. NOTE: This does not apply for first year the credit is claimed. LINE 7 – Enter amount from line 5 or line 6, whichever is applicable. This is the total credit available this tax year. LINE 8 – Enter the total Kansas tax liability for this tax year after all credits, other than this credit. LINE 9 – Enter the lesser of the amount shown on line 7 or line 8. This is the amount of credit allowed for this tax year. Enter this amount on the appropriate line of your tax return. If line 9 is less than line 7, complete PART C. PART C – COMPUTATION OF CARRY FORWARD CREDIT LINE 10 – Subtract line 9 from line 7, and enter the result. This is the amount of carry forward credit to be entered on line 4 of next year’s Schedule K-70. TAXPAYER ASSISTANCE For assistance in completing this schedule contact the Kansas Department of Revenue: Enter all requested information at the top of this schedule. Complete a separate K-70 schedule for each credit claimed. Taxpayer Assistance Center Scott Office Building 120 SE 10th Ave PO Box 750260 Topeka KS 66699-0260 PART A – COMPUTATION OF CREDIT FOR THIS TAX YEAR’S CONTRIBUTION Phone: 785-368-8222 Fax: 785-291-3614 LINE 1 – Enter the total amount of contributions made to an approved Kansas SGO. Additional copies of this credit schedule and other tax forms are available from our website at: ksrevenue.org SPECIFIC LINE INSTRUCTIONS
Extracted from PDF file 2019-kansas-form-k-70.pdf, last modified October 2019

More about the Kansas Form K-70 Corporate Income Tax Tax Credit TY 2019

We last updated the Low Income Student Scholarship Credit in March 2020, so this is the latest version of Form K-70, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form K-70 directly from TaxFormFinder. You can print other Kansas tax forms here.

Related Kansas Corporate Income Tax Forms:

TaxFormFinder has an additional 73 Kansas income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kansas Form K-70.

Form Code Form Name
Form K-706 Kansas Estate Tax Return

Download all KS tax forms 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-70 from the Department of Revenue in March 2020.

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Form K-70 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-70

We have a total of five past-year versions of Form K-70 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form K-70

K-70 Kansas Low Income Student Scholarship Credit Rev. 7-19

2018 Form K-70

Kansas Low Income Student Scholarship Credit Rev. 10-17

2017 Form K-70

Kansas Low Income Student Scholarship Credit Rev. 10-17

2016 Form K-70

Low Income Student Scholarship Credit K-70 Rev. 7-15

Credit Schedules Low Income Student Scholarship 2015 Form K-70

Low Income Student Scholarship Credit K-70 Rev. 7-15


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