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Screen KSAdj - Kansas Adjustments (1120)

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Taxable Income Adjustments

Charitable contributions (S Corp) (Force)
The application calculates the amount of charitable contributions available to be deducted on Form K-120S, line 2b, Total of allowable deductions from federal Schedule K. Only amounts from non-individual shareholders are included in this amount. Enter an amount in this box to override the calculated amount. A force amount entered in this box is distributed to all shareholders pro rata.
Total state and municipal interest
Tax exempt interest and expenses attributable to tax exempt interest transfer to this statement from the federal return. The application assumes these amounts aren't taxable to Kansas. To include tax exempt interest and expenses on Form K-120, Page 1, line 2 or Form K-120S, Page 1, line 4, enter adjustments in the
State Amount
 column of the statement.
Taxes on or measured by income
The application transfers amounts from the
Taxes and licenses
 and statement in the federal Inc and H screens as well as taxes entered in the federal Farm, Rent and 4835 screens. The application uses the amounts in the
Other Taxes and Licenses
 column to complete Form K-120, Page 4, Part IV, line 3 and the amounts in the
Taxes Based on Income
 column to complete Form K-120, Page 4, Part IV, line 1 or Form K-120S, Page 1, line 5. The application assumes these amounts aren't taxable to Kansas. Enter adjustments in the Taxes Based on Income column of the statement. To exclude an item from the state return, delete the amount, or delete the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal to state data transfers.
U.S. Interest income
Amounts in this statement transfer from the
U.S. obligation interest
 boxes in the federal Inc, H and K1 screens. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
Other interest income (C Corp)
Amounts in this statement transfer from the
Other interest
 boxes in the federal Inc, H and K1 screens. The application uses this information to complete Form K-120, Pat 4, Part V, line 3. To exclude an item from the state return, delete the amount, or delete the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
IRC Section 78 and 80% of foreign dividends
Amounts in this statement transfer from Schedule C of the federal return. The application uses this information to complete Form K120, Page 1, line 8 or Form K-120S, Page 1, line 9. To exclude an item from the state return, enter a zero in the
State Amount
 column, delete the Federal amount, or delete the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
Other subtractions: Employment credit wages
Amounts in this statement transfer from the federal return and include the federal reduction for employment credits. The application uses this information to complete Form K-120, Page 1, line 9 or Form K-120S, Page 1, line 10. To exclude an item from the state return, delete the amount or delete the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.

Machinery and Equipment Expense Deduction and Recapture

Corporation: Current year deduction (C Corp and Privilege Tax)
Property entered in the asset tab and marked as Kansas Machinery and Equipment Deduction will automatically transfer to the statements. To turn on associations, access Setup, Associations. Locate
KS - Mach & equip ded
 in the association list and select the association by marking the box. Select OK. Select the eligible asset and select Modify. There are two potential locations for the association checkbox. If only a few associations are selected for the client, it will display under the main section along with the Asset Number and Asset Description. If it isn't there, additional associations are included in the
Other
 tab. Find the checkbox and select it. Close out of the asset and go to the State of Kansas, KSAdj screen.
If the asset(s) aren't entered in the asset tab, enter qualified investment property directly in this statement. The application uses this information to complete Schedule K-120EX, Kansas Expensing Deduction.
Corporation: Recapture of deduction
If asset data is entered in the asset module, the application transfers depreciation information for assets marked as eligible for the expensing deduction and disposed to the statement. If asset data isn't entered in the asset module, enter asset detail information in these boxes. The application uses the information to calculate Form K-120EX, Part C.
Pass-through entity: Recapture of deduction
The statement contains the information needed to complete Form K-120EX for a pass-through entity. Kansas requires that any deductions received from a pass-through entity be reported on a separate Form K-120EX. The application creates an additional Form K-120EX for each entity that's entered into this statement.

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