Kansas K-120S Pass Through Entity Tax information - 1120S - Tax Year 2022

  • Article Type:
  • QA
  • Last Modified:
  • 03/12/2023

Question

What are some common questions and answers regarding Kansas passthrough entity tax with tax year 2022?

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • Partnership - 1065
  • Kansas - KS
  • Pass-Through Entity Tax - PTET
  • 2022

Answer

QuestionAnswer
-Form Name
  • K-120S
-State Links
Election for PTE
-Made when?
  • In order to file as a PTE, an election must be made when filing the Form K-120S. 
-Good for?
  • This election is good for one year (it is an annual election) and is irrevocable once requested.
-How do we make this election?
  • This is done by marking Form K-120S, Page 1, Box N.
-Separate Form needed?
  • No separate form is needed
Generation of State PTE Return
-How do we generate the form above?
  • Common State/City > State PTE Generation worksheet > Generate State PTE return - Kansas
    • (Interview Form PTE-ST1, Box 94).
  • Generating the KS PTE opens up the calculation of several lines of the K-120S that are exclusive to PTE returns.
Estimates
-Are there estimates for this form?
  • Yes
-How do we generate them?
  • Form K-120ES is used for PTE estimates. These can be generated either if the election is made with a large enough value on Form K-120S, line 30, or if estimates are forced.
-Can you apply an overpayment from the current year form?
  • Overpayment from the current year can be applied with input on Payments/Penalties/Interest > Estimates and Application of Overpayment > State Estimates and Application of Overpayment > Amount of overpayment to apply to estimate and application of overpayment code with an entity code of 'KS'
    • (Interview Form STEST-2, Boxes 70 and 71).
Interest/Penalties
-Do interest/penalties apply?
  • Interest and penalties can apply for Kansas PTE returns.
  • To request calculation for penalties and interest, make the necessary entries on Payments/Penalties/Estimates > Penalties > State / City Late Interest and Penalties with an entity code of 'KS'. 
    • (Interview Form Common State > Penalties > PEN-1)
-Is there an underpayment penalty?
  • There is no underpayment penalty.
Additional PTE Information
Common State > State PTE Generation worksheet >Grid 23  (Interview PTE-ST1, boxes 300-364)
-Does this section apply to this state?
  • Not applicable
Additional Input Available
- Does new input options under State and City Tax Refund flow to the state?
  • No.
- Does new input options under Taxes and Licenses flow to the state?
  • No.
- Does new input options under Rent/Royalty flow to the state?
  • No.
- Does the new input options under Farm flow to the state?
  • No.

Additional Information

N/A

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