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Hawaii Free Printable Form F-1, Rev 2020, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies for 2021 Hawaii Franchise Tax Return

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Franchise Tax Return
Form F-1, Rev 2020, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies

STATE OF HAWAII — DEPARTMENT OF TAXATION FORM F-1 (REV. 2020) THIS SPACE FOR DATE RECEIVED STAMP FRANCHISE TAX RETURN Clear Form BANKS, OTHER FINANCIAL CORPORATIONS, AND SMALL BUSINESS INVESTMENT COMPANIES CALENDAR YEAR 2021 OR FISCAL YEAR BEGINNING IN 2021 (Based on income for calendar year 2020 or fiscal year beginning on ____________ , 2020 and ending __________________ , 20 ____ ) (First year, Second year, & Final return filers, see Instructions) PRINT OR TYPE  IRS Adjustment   AMENDED Return (Attach Sch. AMD)  NOL Carryback Hawaii Tax I.D. Number Federal Employer I.D. No. Name Main Business Activity DBA (if any) Date Business Began in Hawaii Mailing Address (number and street) Date of Incorporation City, State, and Postal/ZIP Code State or Foreign Country of Incorporation CHECK BOX, IF APPLICABLE:     First year return   Second year return Election to pay via the installment payment method   Final return (Business end date ___________________ , 20 _____ ) A COPY OF ALL PAGES OF YOUR FEDERAL RETURN MUST ACCOMPANY THIS RETURN. Amended Return TAX GROSS INCOME If this is a consolidated return, attach copy of Hawaii Forms N-304 and N-303 for each subsidiary. Gross Receipts Less: Returns and allowances 1 Less: Cost of goods sold and/or operations (Attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . 2 Gross Profit (line 1 minus line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Dividends (Schedule C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Gross Amount of Interest Less: Amortizable Bond Premium 5. Interest on government obligations. . . 5 6. Other interest. . . . . . . . . . . . . . 6 7. (a) Rents Plus 7(b) Royalties , Sum  7(c) 8. (a) Net capital gains (from federal Schedule D) (See Instructions). . . . . . . . . . . . . . . . . . . . . . . 8(a) (b) Ordinary gain or loss (from federal Schedule 4797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8(b) 9. Other income (Attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10. TOTAL INCOME — Add lines 3 through 9. Enter here and on page 2, line 10(a) . . . . . . . . . . . . . . . 10 69. TOTAL TAX from page 3, line 68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 70. Total Refundable Credits. Enter the result from page 4, Schedule I, line 3 . . . . . . . . . . . . . . . . . . 70 71. Adjusted Tax Liability (Line 69 minus line 70. If line 71 is zero or less, see Instruction XV). . . . . . . . . 71 72. Total Nonrefundable Credits from Schedule H, line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 73. Capital Infrastructure Tax Credit (Attach Form N-348) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 74. Line 71 minus the sum of lines 72 and 73 (See Instruction XVI). . . . . . . . . . . . . . . . . . . . . . . . 74 75. Payment with extension (Attach Form N-755) . . . . . . . . . . . . . . . 75 76. Tax installment payments (See Instruction XIV) . . . . . . . . . . . . . . 76 77. Add lines 75 and 76 and enter result. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 78. TAX DUE (Line 74 minus line 77. If line 77 is greater than line 74, skip line 79 and go to line 80) . . . . . . 78 79. Enter amount paid with this return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 80. OVERPAYMENT (If line 77 is larger than line 74) (See Instruction XVIII) . . . enter AMOUNT OVERPAID  80 81. Enter amount of line 80 you want Credited to 2022 installment payments . 81 82. Amount to be REFUNDED TO YOU (line 80 minus line 81) . . . . . . . . . . . . . . . . . . . REFUND  82 83. Amount paid (overpaid) on original return — AMENDED RETURN ONLY (See Instructions. Attach Sch. AMD). . . 83 84. BALANCE DUE (REFUND) with amended return (See Instructions. Attach Sch. AMD). . . . . . . . . . . 84 1. 2. 3. 4. Please Sign Here Paid Preparer’s Information I declare, under the penalties set forth in section 231-36, HRS, that this return (including any accompanying schedules or statements) has been examined by me and, to the best of my knowledge and belief, is a true, correct, and complete return, made in good faith, for the taxable year stated, pursuant to the Hawaii Income Taxation of Banks and Other Financial Corporations, Chapter 241, HRS.   Signature of officer Date  Title Date Preparer’s identification number Preparer’s Signature, and Check if  Print Preparer’s Name    self-employed   Federal  Firm’s name (or yours E.I. No. if self-employed),   address, and Postal/ZIP Code Phone No.  F1_I 2020A 01 VID01  ID NO 01 FORM F-1 (REV. 2020) FORM F-1 (REV. 2020) Page 2 Name as shown on return Federal Employer Identification Number 10. (a) TOTAL INCOME — from page 1, line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10(a) DEDUCTIONS 11. Compensation of officers (Schedule E). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12. Salaries and wages (not deducted elsewhere). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13. Repairs (Do not include cost of improvements or capital expenditures) . . . . . . . . . . . . . . . . . . . . 13 14. (a) Bad debts (Schedule F) Plus 14(b) Rents , Sum  14(c) 15. (a) Taxes (Attach schedule) Plus 15(b) Interest , Sum  15(c) 16. Contributions or gifts paid (Attach schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17. Amortization (Attach schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18. Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19. Depreciation (from federal Form 4562) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20. Advertising. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21. Amounts contributed under: (a) Pension, profit-sharing, stock bonus, annuity plans (Attach schedule). . . 21(a) (b) Other employee benefit plans (Attach schedule). . . . . . . . . . . . . . 21(b) 22. Other deductions (Attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 23. TOTAL DEDUCTIONS — Add lines 11 through 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24. Net income before Hawaii adjustments (line 10(a) minus line 23) . . . . . . . . . . . . . . . . . . . . . . . 24 STATE ADJUSTMENTS ADD: 25. Taxable dividends from Schedule C, line 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26. (a) Interest on obligations of the United States or its possessions or on securities issued under an Act of Congress. (See instruction VI(a)(1)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26(a) (b) Interest on state, territorial, municipal, county, or other bonds or securities, including Hawaiian issues, not included on line 6. (See instruction VI(a)(2)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26(b) 27. Amount of deduction for bad debts taken on line 14(a). (See Instructions IV(b) and VII) . . . . . . . . . . . 27 28. Other additions required by law — submit schedule. (See Instruction IV(b)) . . . . . . . . . . . . . . . . . 28 29. Total of lines 24 through 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 DEDUCT: 30. Entire dividends as reported on page 1, line 4. . . . . . . . . . . . . . . 30 31. Bad debt deduction allowed by section 241-4(b)(3), HRS. (See Instruction VII(c)) . . . . 31 32. Other deductions authorized by law — submit schedule. (See Instructions VI(b) and X(b)). 32 33. Total of lines 30 through 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 34. Net income after Hawaii adjustments (line 29 minus line 33). . . . . . . . . . . . . . . . . . . . . . . . . . 34 Note: If you do not need to apportion your income, skip lines 35 through 56, enter the amount on line 34 on line 57, and continue with line 58. Otherwise, continue with line 35. ADJUSTMENTS TO ARRIVE AT APPORTIONABLE BUSINESS INCOME SUBJECT TO TAX DEDUCT: 35. Nonbusiness dividends included on page 1, line 4, and included on line 24 above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 36. Nonbusiness interest (Attach schedule) . . . . . . . . . . . . . . . . . . 36 37. Royalties from nonbusiness assets (Attach schedule) . . . . . . . . . . . 37 38. Net profit from nonbusiness rental property . . . . . . . . . . . . . . . . 38 39. Net gain from nonbusiness assets (Attach schedule) . . . . . . . . . . . 39 40. Other adjustments (Attach schedule). . . . . . . . . . . . . . . . . . . . 40 41. Total (lines 35 to 40, inclusive) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 42. Balance (line 34 minus line 41). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 ADD: 43. Net loss from nonbusiness rental property. . . . . . . . . . . . . . . . . 43 44. Net loss from nonbusiness assets (Attach schedule). . . . . . . . . . . . 44 45. Total of lines 43 and 44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 46. Business income from sources within and without Hawaii (line 42 plus line 45) . . . . . . . . . . . . . . . . 46 47. Allocate__________% (from Schedule P, line 8), as apportionable income attributable to Hawaii and subject to tax. (Multiply line 46 by the %) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 F1_I 2020A 02 VID01 ID NO 01 FORM F-1 (REV. 2020) FORM F-1 (REV. 2020) Page 3 Name as shown on return Federal Employer Identification Number CLASSIFICATION OF APPORTIONABLE BUSINESS INCOME SUBJECT TO TAX Enter the portion of the amount on line 47 that is ordinary income. . . . . . . . . . . . . . . . . . . . . . . 48 Enter the portion of the amount on line 47 that is net capital gain.  Also, enter on line 60. . . . . . . . . . . 49 Total (lines 48 and 49). This total must be equal to the amount on line 47.. . . . . . . . . . . . . . . . . . 50 INCOME WHOLLY ATTRIBUTABLE TO HAWAII SUBJECT TO TAX 51. Gain (or loss) from sale of real estate and other tangible assets located in Hawaii . . . . 51 52. Royalties from property located in Hawaii . . . . . . . . . . . . . . . . . 52 53. Net profit (or loss) from nonbusiness rental property within Hawaii . . . . 53 54. Net gain from sale of nonbusiness assets located in or having tax situs in Hawaii: (a) Net short-term capital gain. . . . . . . . . . . . . . . . . . . . . . . 54(a) (b) Net capital gain attributable to Hawaii. (This amount, if any, also should be entered on line 60). . . . . . . . . . . . . . . . . . . . . . 54(b) (c) Net gain (or loss) from sale or exchange of property other than capital assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54(c) 55. Income from intangible personal property. Include entire income (or loss) of intangibles which, because of domicile of the corporation or business situs of intangibles, are located in Hawaii. Add back Hawaii allocated, nonbusiness income and dividends. (a) Dividends included on line 35 above (Attach schedule). . . . . . . . 55(a) (b) Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55(b) (c) All other income from intangibles (Attach schedule) . . . . . . . . . . 55(c) 56. Total income wholly attributable to Hawaii (lines 51 to 55(c)). . . . . . . . . . . . . . . . . . . . . . . . . . 56 57. Total of lines 47 and 56 (or the amount from line 34 if you did not need to apportion your income) . . . . . . 57 58. Net operating loss deduction—submit schedule. (See instruction XI). . . . . . . . . . . . . . . . . . . . . 58 59. Net income (or loss) for Hawaii tax purposes (line 57 minus line 58). . . . . . . . . . . . . . . . . . . . . . 59 TAX COMPUTATION 60. Enter the amount of net capital gains as shown on page 1, line 8(a). (If you apportioned your income, enter the amounts from lines 49 and 54(b), if any, instead) . . . . . . . . . . . . . . . . . . . . . . . . . . 60 61. Line 59 minus line 60 (If less than zero, enter zero). . . . . . . . . . . . . . . . . . . . . . . . . . . .  61 62. (a) Tax on capital gain — 4% of amount on line 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62(a) (b) Tax on net income — 7.92% of amount on line 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62(b) (c) Total of lines 62(a) and 62(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62(c) (d) Using the 7.92% rate, compute tax on all taxable income using amount from line 59 . . . . . . . . . . . 62(d) 63. Total tax (enter lesser of line 62(c) or 62(d)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 64. Recapture of Capital Goods Excise Tax Credit from Form N-312, Part II. 64 65. Recapture of Low-Income Housing Tax Credit from Form N-586, Part III. 65 66. Recapture of Capital Infrastructure Tax Credit from Form N-348, Part IV. 66 67. Total recapture of tax credits (Add lines 64, 65, and 66) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 68. Total tax (Add lines 63 and 67). Enter here and on page 1, line 69. . . . . . . . . . . . . . . . . . . . .  68 48. 49. 50. Schedule C INCOME FROM DIVIDENDS (Classified for Hawaii Purposes) 1. Name of declaring corporation 6. 7. 8. 9. 10. 2. National Banking Associations 3. Received from an 4. Received by a small affiliate (including foreign) business investment co. as IRC section 243(b) operating under Small qualifying dividend Business Investment Act 5. All other dividends Total dividends (Add amounts in columns 2, 3, 4, and 5). Enter here and on page 1, line 4 . . . . . . . . . . . . . . . Dividends qualifying for the 70% dividends received deduction (Total of amounts in column 5) . . . . . . . . . . . . . Multiply line 7 by .30 (30%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxable mutual funds dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total taxable dividends (Add lines 8 and 9). Enter here and on page 2, line 25. . . . . . . . . . . . . . . . . . . . . . F1_I 2020A 03 VID01 ID NO 01 FORM F-1 (REV. 2020) FORM F-1 (REV. 2020) Page 4 Name as shown on return Schedule E Federal Employer Identification Number COMPENSATION OF OFFICERS 1. Name and address of officer 2. Official title 3. Time devoted to business Percent of corporation stock owned 4. Common 5. Preferred 6. Amount of compensation Total compensation of officers (Enter here and on page 2, line 11). . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule F 1. Last 3 Prior and Current Taxable Years BAD DEBTS 2. Amount of Notes and Accounts Receivable Outstanding at End of Year 3. Taxable (or Net) Income Reported 4. Sales on Account If Corporation Carries An Allowance 5. Bad Debts of Corpora­tion if No Allowance Is Carried on Books 6. Gross Amount Added to Allowance 7. Amount Charged Against Allowance 8. Balance of Allowance 20 20 20 20 Schedule H 1. 2. 3. 4. 5. 6. Schedule I 1. 2. 3. NONREFUNDABLE CREDITS Carryover of the Credit for Energy Conservation (Attach Form N-323). . . . . . . . . . . . . . . . . . . . . Low-income Housing Tax Credit (Attach Form N-586) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Carryover of the High Technology Business Investment Tax Credit (Attach Form N-323). . . . . . . . . . . Carryover of the Renewable Energy Technologies Income Tax Credit (for systems installed and placed in service before July 1, 2009) (Attach Form N-323) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Renewable Energy Technologies Income Tax Credit for Systems Placed in Service on or after July 1, 2009 (Attach Form N-342) Check the type of energy system:  Solar    Wind . . . . . . . . . . . . . . . Total Nonrefundable Credits. Add lines 1 through 5. (Enter here and on page 1, line 72). . . . . . . . .  REFUNDABLE CREDITS Capital Goods Excise Tax Credit (Attach Form N-312). . . . . . . . . . . . . . . . . . . . . . . . . . . . . Renewable Energy Technologies Income Tax Credit for Systems Placed in Service on or after July 1, 2009 (Attach Form N-342) (Note: The refundable credit applies only to solar energy systems and not to wind powered energy systems). Total Refundable Credits. Add lines 1 and 2. (Enter here and on page 1, line 70) . . . . . . . . . . . . .  Schedule P 1 2 3 4 5 6 1 2 3 COMPUTATION OF APPORTIONMENT FACTORS In Hawaii Property — (use original cost) Beginning of taxable year Total Everywhere End of taxable year Beginning of taxable year End of taxable year Land Buildings Loans Credit card receivables Leasehold interests* Rented Property* Other Property Total * Enter net annual rent X 8. 1 2 3 4 5 6 7 8 A. In Hawaii B.  Everywhere Property values (average value of property above) Property factor (line 1, col. A divided by line 1, col. B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total compensation Payroll factor (line 3, col. A divided by line 3, col. B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Sales Sales factor (line 5, col. A divided by line 5, col. B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total of factors (add lines 2, 4, and 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Average of factors (divide line 7 by 3). Enter here and on page 2, line 47. . . . . . . . . . . . . . . . . . . . . Percent in Hawaii** % % % % % ** Compute all percentages to 5 decimal places (.00000%). F1_I 2020A 04 VID01 ID NO 01 FORM F-1 (REV. 2020)
Extracted from PDF file 2020-hawaii-form-f-1.pdf, last modified July 2003

More about the Hawaii Form F-1 Corporate Income Tax TY 2020

We last updated the Franchise Tax Return in March 2021, so this is the latest version of Form F-1, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form F-1 directly from TaxFormFinder. You can print other Hawaii tax forms here.

Other Hawaii Corporate Income Tax Forms:

TaxFormFinder has an additional 164 Hawaii income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form Sch. AMD Explanation of Changes on Amended Return (2012)
Form N-342 Renewable Energy Technologies Income Tax Credit
Form A-6 Tax Clearance Application
Form N-40 Sch. D Capital Gains & Losses (Form N-40)
Form N-30 Corporation Income Tax Return

Download all HI tax forms View all 165 Hawaii Income Tax Forms


Form Sources:

Hawaii usually releases forms for the current tax year between January and April. We last updated Hawaii Form F-1 from the Department of Taxation in March 2021.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Hawaii Form F-1

We have a total of seven past-year versions of Form F-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form F-1

Form F-1, Rev 2020, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies

2019 Form F-1

Form F-1, Rev 2019, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies

2018 Form F-1

Form F-1, Rev 2018, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies

2017 Form F-1

Form F-1, Rev 2017, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies

2016 Form F-1

Form F-1, Rev 2016, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies

Forms 2015 -  Fillable 2015 Form F-1

Form F-1, Rev 2015, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies

Forms 2014 -  Fillable 2014 Form F-1

Form F-1, Rev 2014, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies


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