Screen KSPEAKCr - Kansas Owners Promoting Employment Across Kansas Credit (1040)

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Overview

Use this screen to complete Schedule K-88, Owners Promoting Employment Across Kansas (PEAK) Credit Worksheet. This credit is available only for electronic filing.

General Information

Use this section to enter information for the calculation of Form K-88 Worksheet. The
Name of entity
field only prints as the name of the pass-through entity on the worksheet if an ownership percentage is entered.

Material Test

Use this section to show how the qualifying business is eligible for the tax credit. Entries in the Material Test section do not proforma.

Computation

Use this section to enter the total member or owner’s Kansas business income after apportionment and the ownership percentage the claimant holds in the business. Only members of pass-through entities should enter a percentage. Form K-88 Worksheet automatically uses 100 percent when no entry is made for individuals.
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 Owners Promoting Employment Across Kansas Credit is desired to offset the tax liability, enter the amount in this field. If the amount of tax liability remaining is greater than the Owners Promoting Employment Across Kansas 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 Owners Promoting Employment Across Kansas Credit is transferred forward.

Apportionment Schedule

Use this section to complete the apportionment schedule on Form K-88 Worksheet, Page 2. The final calculated apportionment factor is used on Part C of the worksheet.

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