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Screen KSHPCr - Kansas High Performance Incentive Program Credit (1040)

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Overview

Use this screen to complete Schedule K-59, Kansas High Performance Incentive Program Credit. A separate unit must be added for each Part B, Training and Education credit, Part C, Current year Investment Credit and Part E, Carry forward Credit.

General Information

Use this section to enter general information for Schedule K-59. The
Name of entity
 field only prints as the name of the pass-through entity on the Schedule K-59 if an ownership percentage is entered below.
Ownership percentage (If member of pass-through entity)
Enter percentage of ownership for the contributions made from a pass-through entity, formatted as XXX.XX. If contributions are made by an individual, UltraTax CS automatically enters 100 percent on Schedule K-59, Part B.

Training and Education or Investment Credit - Current year

Training and Education Credit
Use these fields to enter information for Schedule K-59, Part B - HPIP Training and Education Credit. A separate input screen is needed if calculating both the training and education credit and the investment credit. If any entries are made in either of these fields, the fields used for the investment credit become non-enterable. Choose Edit and then Add unit to create another input screen for the investment credit.
Investment Credit - Current Year
Use this section to enter information for Schedule K-59, Part C- HPIP Investment credit. Enter New Investment Information for each unit for which a current year or carry forward credit is available. Refer to the Schedule K-59 instructions. A separate input screen is needed if calculating both the training and education credit and the investment credit. If any entries are made in these fields, the fields used for the training and education credit become non-enterable. Choose Edit and then Add unit to create another input screen for the training and education credit.
Qualifies for 1,000,000 minimum investment
Mark the checkbox when the $1,000,000 minimum investment allowed for a qualified business facility investment was made on or after January 1, 2012 and in the county of Douglas, Johnson, Sedgwick, Shawnee, or Wyandotte. See instructions for exceptions.
Tax liability remaining after other previously claimed credits (Force)
The nonrefundable credits are used to offset the Kansas tax liability in the order calculated. The credit(s) for taxes paid to other states is used first, followed by the credit for child and dependent care expenses, then the remaining credits, if any, are used. If a different amount of the Kansas High Performance Incentive Program Credit is desired to offset the Kansas tax liability, enter the amount in this field. If the amount of tax liability remaining is greater than the High Performance Incentive Program Credit, then enter the amount of the remaining liability that has not yet been reduced by any available nonrefundable credits. If the amount of remaining tax liability is less than the calculated credit, then the remaining High Performance Incentive Program Credit is transferred forward.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Kansas

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