Kansas Misc Flashcards
What are the new Kansas exemption amounts?
Taxpayer $ 9160
Joint $ 18320
Dependent $ 2023 each
Additional for Disabled Vet with honorably discharge $ 2250 or
Public Service Officer: $ 2250
For the Vet, you will input this status in the State section under: Basic Information
List Kansas retirement programs that distribute income NOT taxed in Kansas. These items are subtracted from Kansas by going to:
Kansas Section-
- Subtractions from Income
-“ Enter qualified, exempt retirement benefits received in 2024”
Kansas pensions
KPERS
KANSAS BOARD OF REGENTS
WASHBURN UNIVERSITY
Some of these programs are managed by the broker TIAA, VOYA and others less common. Programs that are exempt in Kansas that have been rolled over to a different plan or broker will retain their exempt status. Survivors who receive this exempt income from a deceased person get to retain it’s tax exempt status.
Ask questions to get a feel for the origin of this income. Note: Endowments, Kansas, athletics, and Kansas Union pensions are not part of the Regents System
List, federal government and military pensions that are not taxed in Kansas.
Action: Subtract in Kansas
When subtracting, go into the Kansas section:
1- Subtractions from Income
2 - “Enter Qualified Exempt Retirement
Benefits received in 2024”
This is the same for Kansas Exempt Retirement Benefits
Always enter what is considered the “taxable amount” from box 2a, not the gross .
Civil service, retirement, or survivor, benefits
Office of personal management (OPM)
Defense finance and accounting service (DFAS)
RR retirement Board (RRB) Tier I and II
Federal thrift savings plan
Re: Form 1099-Div
Municipal KANSAS Bonds, I- Bonds and T-bills are tax free in Kansas. How do you prevent this income from being taxed?
In the FEDERAL section, after entering the information on 1099-Div ir 1099- INT, scroll down to “ amount of interest on US savings bonds and treasury obligations that you want subtracted from your state return”
FYI, these adjustments are usually highlighted for us when we get the tax papers with a note telling us how much to subtract. The amount may be less than 100%
of the dividend as some funds are a combination of bonds from multiple states and it’s only Kansas munis that are tax exempt in Kansas.
If you see a W-2 from KPERS with the box checked “Third Party Sick Pay” what do you do?
Know that this is a payment from the taxpayer’s KPERS account at a time when they have been ill. This is is tax-free benefit in Kansas so be sure to subtract the benefit in the Kansas section.
Go to Subtractions in Kansas, scroll all the way to the bottom and put amount under, “ Other subtractions as allowed by Kansas law”
Deposits made to a 529 Kansas Learning Quest savings will be reported to you from the taxpayer. These contributions are tax free in Kansas. What are the exempt contribution limits?
Limits:
$3000 for 1 kid per year and
$6000 for 2 or more
Must be held in a separate, dedicated bank account. Money can be used for room and board
Enter under “Subtractions from Income”
4th box down in the KANSAS of Tax Slayer
Nothing to do in the Federal Section
If taxpayer owes little tax, are they required to pay?
If the tax due is less than $5 they don’t need to pay.
Likewise, a refund less than $5 won’t be refunded but can be applied to next year.
W-2’s with “3rd Party Sick Pay” checked are entered where?
Federal- enter in W-2 to reflect paper W-2
State- Subtract in the Kansas section
“Other” subtractions. (Same place we subtract the dollar for e-file)
