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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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Help with KS pass through entity tax
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Brad43
Level 2
02-15-2024
11:46 AM
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Cash basis Partnership or S-corp pays 2022 pass through entity tax in tax year 2023. We add the pass through entity tax paid as a KS adjustment on the KS 120S partnership or s-corp return.
Are not the partners and or shareholders to increase their individual KS income by the amount of the pass through entity tax? I was on phone with Lacerte for 3 hrs, and they say based on instructions, only the k9 is required to print - not the shareholder summary that would show adjustments to KS. Anyone struggling with the K9's kansas income being higher than the federal k1 (the amount of the pass through entity tax) but not giving shareholders or partners a summary adjustment to show the difference? Is it just me?
