Kansas K-120S Pass Through Entity Tax information - 1065 - Tax Year 2022

  • Article Type:
  • QA
  • Last Modified:
  • 03/16/2023

Question

N/A

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • Partnership - 1065
  • Kansas - KS

Answer

QuestionAnswer
-Form Name
  • Form 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 > State PTE Return Generation > Kansas - Generate State PTE return.
  • Interview Form PTE-ST1, Box 94.
-Is this a separate filing from the main form, part of the main form, or filed on it's own?
  • 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. Form K-120ES is used for PTE estimates. 
-How do we generate them?
  • 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 Estimate Preparation and Application of Overpayment > Amount of overpayment to apply to estimate and application of overpayment code with an entity code of 'KSP' (Interview Form KS8, Boxes 35 and 36).
    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 'KSP'.
      • (Interview Form KS8, Interest and Penalties section).
    -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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