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Form Instructions 1120-S (Schedule K-1) online San Antonio Texas: What You Should Know

Federal Form 1120-S. Kansas City Income Tax Ordinance 10-02, “Tax” Ordinance. B. Tax Return for Kansas City. Kansas City Income Tax Ordinance 10-02, “Tax” Ordinance. C. Kansas City Income Tax Rate. Kansas City Revised Statutes Section 2-106, Tax at the City Rate. 4. For example, if you deducted 250 of federal income tax, 2,500 of Michigan, 500 of Illinois, and 900 of Kansas, the Kansas tax is 1,000. D. Deduction allowed. The deduction is: 250 × 1,000 = 250 2,000 × 1,000 × 4 = 4,000 Federal tax = 4,500 (25% of 250 or 250 x 25% of 4,000 = 1,250) 300 (refundable part of credit against Kansas tax) = 100 (25% of 200 or 200 x 25% of 300 = 425) Michigan taxpayer × 25% credit = 25% tax 500 (refundable part of credit against Illinois tax) = 750 (25% of 500 or 500 x 25% of 750 = 1,075) Kansas taxpayer × 25% tax = 25 percent of 10% of 500 or the total 1,075, 2,000 (25% of 1,000 or 1,075 × 2.25 = 500) E. Subtract Kansas tax from credit. 500 – 1,075 = 1,250 1,250 − 450 = 750 750 − 100 = 500 Tax credit = 500 1,000 = 500 See tax credits allowed on line 16 of Form 1120-S. 5. Deduct the entire amount of the Kansas tax, and the Illinois tax, provided on the Kansas federal tax return. 6. Deduction allowed. The deduction is: 250 × 1,000, plus 750 Federal income tax = 500 200, plus 200 Kansas state income tax = 200 250, plus 450 credit (see above) = 600 Tax credit allowed is 500 1,000 = 500 Use the entire amount of the tax credit on line 16 of Form 1120-S.

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