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Hawaii Free Printable Form N-35, Rev. 2019, S Corporation Income Tax Return for 2020 Hawaii S Corporation Income Tax Return (Rev. 2015)

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S Corporation Income Tax Return (Rev. 2015)
Form N-35, Rev. 2019, S Corporation Income Tax Return

Clear Form STATE OF HAWAII—DEPARTMENT OF TAXATION FORM (REV. 2019) THIS SPACE FOR DATE RECEIVED STAMP S CORPORATION INCOME TAX RETURN N-35 For calendar year 2019 or other tax year beginning ___________________ , 2019   and ending _________________ , 20_________ Dba or C/O  Business Activity Code (Use code shown on federal Form 1120S)  Hawaii Tax I.D. No. Mailing Address (number and street) City or town, State, and Postal/ZIP Code. If foreign address, see Instructions. Enter the number of Schedules NS attached to this return   No  No INCOME •  Federal Employer I.D. No. DEDUCTIONS Attach Forms N-4 and Payment Here AMENDED Return (Attach Sch AMD) Name Is the corporation electing to be an S corporation beginning with this tax year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Yes Check if: (1)  Initial Return (2)  Final Return (3)  S Election Termination or Revocation (4)  Name Change (5)  IRS Adjustment How many months in 2019 was this corporation in operation?_____     Was this corporation in operation at the end of 2019?. .  Yes CAUTION: Include only trade or business income and expenses on lines 1a through 20. See Instructions for more information. 1 a Gross receipts or sales (see Instructions). . . . . . . . . . . . . . . . . . . 1a b Returns and allowances. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b c Line 1a minus line 1b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1c 2 Cost of goods sold (Schedule A, line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Gross profit (line 1c minus line 2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Net gain or (loss) from Schedule D-1, Part II, line 19 (attach Schedule D-1). . . . . . . . . . . . . . . . . . . 4 5 Other income (see Instructions) (attach schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 TOTAL income (loss) — Add lines 3 through 5 and enter here.. . . . . . . . . . . . . . . . . . . . . . .  6 7 Compensation of officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Salaries and wages (less employment credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Bad debts (see Instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Taxes and licenses (attach schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Depreciation from federal Form 4562 not claimed elsewhere on return (see Instructions) . . . . . . . . . . . . 14 15 Depletion (Do not deduct oil and gas depletion. See Instructions.) . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Advertising. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Pension, profit-sharing, etc. plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Employee benefit programs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 TOTAL deductions — Add lines 7 through 19 and enter here. . . . . . . . . . . . . . . . . . . . . . . .  20 21 Ordinary income (loss) from trade or business activities — line 6 minus line 20 (To Sch. K, line 1) . . . . . . . 21 Please Sign Here • • PRINT OR TYPE •  DECLARATION: 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 true, correct, and complete, made in good faith, for the taxable year stated, pursuant to the Hawaii Income Tax Law, Chapter 235, HRS. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.  Signature of officer Date Type or print name and title of officer  May the Hawaii Department of Taxation discuss this return with the preparer shown below? . . . . . . . . . . . . . .   (See page 3 of the Instructions) This designation does not replace Form N-848, Power of Attorney. Preparer’s Signature Paid Preparer’s Information Date  Yes  No Preparer’s identification no. Check if         Print Preparer’s Name self-employed  Firm’s name (or Federal E.I. No.  yours if self-employed)  Phone no.  Address and Postal/ZIP Code FORM N-35 (REV. 2019) N35_I 2019A 01 VID01 ID NO 01 FORM N-35 (REV. 2019) Name as shown on return Page 2 Federal Employer Identification Number TAX & PAYMENTS 22 a Excess net passive income tax (attach schedule(s)) . . . . . . . . . . . . . 22a b Tax from Schedule D (Form N-35), line 21 . . . . . . . . . . . . . . . . . . 22b c Number of N-4’s attached  Taxes withheld on attached N-4’s 22c d LIFO recapture tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22d e Interest due under look-back method. . . . . . . . . . . . . . . . . . . . . 22e f Add lines 22a, 22b, 22c, 22d, and 22e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22f 23 a 2018 overpayment allowed as a credit. . . . . . . . . . . . . . . . . . . . . 23a b 2019 estimated tax payments from N-201Vs____________ and N-288s____________ 23b c Payments with extension. . . . . . . . . . . . . . . . . . . . . . . . . . . . 23c d Add lines 23a, 23b, and 23c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23d 24 Underpayment of estimated tax penalty. (see Instructions) Check if Form N-220 is attached. . . . .   24 25 OVERPAYMENT (If line 23d is larger than the total of lines 22f and 24), enter AMOUNT OVERPAID. . . . . . 25 26 Enter amount of line 25 you want Credited to 2020 estimated tax  26a $ Refunded 26b 27 TAX DUE (If the total of lines 22f and 24 is larger than line 23d) enter the amount due . . . . . . . . . . . . . 27 28 AMOUNT OF PAYMENT (see Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 29 Amount paid (overpaid) on original return — AMENDED RETURN ONLY. . . . . . . . . . . . . . . . . . . . 29 30 BALANCE DUE (REFUND) with amended return (See Instructions) . . . . . . . . . . . . . . . . . . . . . . 30 AMENDED RETURN  Schedule A Cost of Goods Sold (See Instructions for Schedule A) 1 Inventory at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Cost of labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Additional IRC section 263A costs (see federal Instructions and attach a schedule) . . . . . . . . . . . . . . . 4 5 Other costs (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Total—Add lines 1 through 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6 7 Inventory at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Cost of goods sold—Line 6 minus line 7. (Enter here and on page 1, line 2) . . . . . . . . . . . . . . . . .  8 9 a Check all methods used for valuing closing inventory: (i)  Cost as described in Treasury Regulations section 1.471-3. (ii)  Lower of cost or market as described in Treasury Regulations section 1.471-4 (see Instructions) (iii)  Other (specify method used and attach explanation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . b Check if there was a writedown of subnormal goods as described in Treasury Regulations section 1.471-2(c) . . . . . . . . . .. . . . . . c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach federal Form 970) . . . . . . . . . . . . . d If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of closing inventory computed under LIFO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9d e Do the rules of section 263A (with respect to property produced or acquired for resale) apply to the corporation? . . . . .  Yes  No f Was there any change in determining quantities, cost or valuations between opening and closing inventory? . . . . . . . .  Yes  No If “Yes,” attach explanation. Schedule B Other Information 1 Check method of accounting: a   Cash b   Accrual c   Other (specify)  2 a Date of incorporation b Date business began in Hawaii c Under laws of d Date of federal election as an S corporation 3 Refer to the listing of Business Activity Codes at the end of the federal Instructions for Form 1120S and state your principal: Business Activity ____________________________________ ; Product or service ______________________________ 4 Did the corporation at the end of the tax year own, directly or indirectly, 50% or more of the voting stock of a domestic corporation? (For rules of attribution, see IRC section 267(c).) If “Yes” attach a schedule showing: (a) name, address and employer identification number (b) percentage owned, and (c) if 100% owned, was QSSS election made?.. . . . . .. . .  Yes 5 6 7  No Enter the number of shareholders in the corporation at the end of the tax year who are: residents of Hawaii nonresidents of Hawaii . Did the corporation derive income from sources outside Hawaii which is not includable in the Hawaii return?. . . . . . . . . .  Yes  No If the corporation: (1) was a C corporation before it elected to be an S corporation or the corporation acquired an asset with a basis determined by reference to its basis (or the basis of any other property) in the hands of a C corporation, and (2) has net unrealized built-in gain (defined by IRC section 1374(d)(1)) in excess of the net recognized built-in gain from prior years, enter the net unrealized built-in gain reduced by net recognized built-in gain from prior years. . . . . . . . . . . . . . . . $ . N35_I 2019A 02 VID01 ID NO 01 FORM N-35 (REV. 2019) FORM N-35 (REV. 2019) Page 3 Federal Employer Identification Number Name as shown on return Shareholders’ Pro Rata Share Items 1 Ordinary income (loss) from trade or business activities (page 1, line 21). . . . . 2 Net income (loss) from rental real estate activities (attach federal Form 8825). . . 3 a Gross income from other rental activities . . . . . . . . . . . . . . . . . . . . . . b Expenses from other rental activities (attach schedule) . . . . . . . . . . . . . . c Net income (loss) from other rental activities. Line 3a minus line 3b. . . . . . . . 4 Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Ordinary dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Royalty income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Net short-term capital gain (loss) (Schedule D (Form N-35)) . . . . . . . . . . . . 8 Net long-term capital gain (loss) (Schedule D (Form N-35)). . . . . . . . . . . . 9 Net gain (loss) under IRC section 1231 (attach Schedule D-1) . . . . . . . . . . . 10 Other income (loss) (attach schedule). . . . . . . . . . . . . . . . . . . . . . . b. Attributable to Hawaii c. Attributable Elsewhere 1 2 3a 3b 3c 4 5 6 7 8 9 10 11 Charitable contributions (attach schedule). . . . . . . . . . . . . . . . . . . . . 11 12 IRC section 179 expense deduction (attach federal Form 4562). . . . . . . . . . 12 13 Deductions related to portfolio income (loss) (attach schedule) . . . . . . . . . . 13 14 Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 a Interest expense on investment debts paid or accrued in 2019. . . . . . . . . . . 15a b (1) Investment income included on lines 4, 5, and 6, above. . . . . . . . . . . . 15b(1) (2) Investment expenses included on line 13, above. . . . . . . . . . . . . . . . 15b(2) 16 a Fuel Tax Credit for Commercial Fishers (attach Form N-163) . . . . . . . . . . . 16a b Total cost of property qualifying for the Capital Goods Excise Tax Credit (See Instructions) . . . . 16b See Instructions c Amounts needed to claim the Enterprise Zone Tax Credit (attach Form N-756). . 16c d Hawaii Low-Income Housing Tax Credit (attach Form N-586) . . . . . . . . . . . 16d e Credit for Employment of Vocational Rehabilitation Referrals (attach Form N-884) . . 16e f Motion Picture, Digital Media, and Film Production Income Tax Credit (attach Form N-340). . . . 16f g Credit for School Repair and Maintenance (attach Form N-330). . . . . . . . . . 16g h Renewable Energy Technologies Income Tax Credit (attach Form N-342). . . . . 16h i Important Agricultural Land Qualified Agricultural Cost Tax Credit (attach Form N-344). . . . . . 16i j Tax Credit for Research Activities (attach Form N-346). . . . . . . . . . . . . . . 16j k Capital Infrastructure Tax Credit (attach Form N-348) . . . . . . . . . . . . . . . 16k l Cesspool Upgrade, Conversion or Connection Income Tax Credit (attach Form N-350) 16l m Renewable Fuels Production Tax Credit (attach Form N-352). . . . . . . . . . . 16m n Organic Foods Production Tax Credit (attach Form N-354) . . . . . . . . . . . . . 16n o Hawaii income tax withheld on Forms N-288 (See Instructions). . . . . . . . . . 16o p Total Hawaii income tax withheld on Forms N-4 . . . . . . . . . . . . . . . . . . 16p q Net income tax paid by the S corporation to states which do not recognize the corporation’s “S” status. Identify state(s). . . . . . . . . . . . . . . . . . . . . . 16q   (Attach a separate schedule if more space is needed for any item.) 17 Total property distributions (including cash) other than dividend distributions reported on line 22, below. Date of Distribution __________________________. 17 18 Tax exempt interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Other tax exempt income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 Non-deductible expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Other items and amounts not included on lines 1 through 20, above, that are 21 required to be reported separately to shareholders (attach schedule). . . . . . . 22 Total dividend distributions paid from accumulated earnings and profits. . . . . . 22 23 Income (loss) — Combine lines 1 through 10. From the result, subtract the sum of lines 11 through 15a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 Corporate adjustments to income attributable to Hawaii (attach schedule) . . . . . 24 25 Interest penalty on early withdrawal of savings . . . . . . . . . . . . . . . . . . . 25 Other Items Credits Investment Interest Deductions Income (Losses) Schedule K FORM N-35 (REV. 2019) N35_I 2019A 03 VID01 ID NO 01 FORM N-35 (REV. 2019) Page 4 Federal Employer Identification Number Name as shown on return Schedules L, M-1, and M-2 Attach a copy of page 4 of federal Form 1120S to this return. Attach Sch. M-3, if applicable. Schedule N List of Shareholders (Attach a separate sheet if more space is needed) Name and Address SSN or FEIN No. of shares owned at all times during the year State of Residence Year Sch. NS filed, if any (Indicate if revoked) Amount of Payment on Form N-4 attached  1  2  3 Schedule O 1 2 3 4 5 Apportionment of Income (See Attributable to Hawaii in the Instructions.) Ordinary income (loss) from trade or business activities (From page 1, line 21). . . . . . . . . . . . . . . . . Apportionment factor (from Schedule P, line 8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Business income apportioned to Hawaii (line 1 multiplied by line 2) (To Schedule K, line 1, col. b) . . . . . . . Business income apportioned elsewhere (line 1 minus line 3). (To Schedule K, line 1, col. c). . . . . . . . . . Are the totals of columns b and c, Schedule K, lines 2 through 6, and the amounts shown on Schedule P, column B, the same as those reported in returns or reports to other states under the Uniform Division of Income for Tax Purposes Act?. . . . . . . .  Yes    No If “No,” please explain                                                     Schedule P % Computation of Apportionment Factors (See Attributable to Hawaii in the Instructions.) Property — (use original cost) In Hawaii Beginning of taxable year End of taxable year Total Everywhere Beginning of taxable year End of taxable year Land Buildings Inventories Leasehold interests* Rented Property* Other Property Total * Enter net annual rent X 8.      Compute all percentages to 5 decimal places (0.00000%) A. In Hawaii 1 2 3 4 5 6 7 8 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 (see instructions) (To Schedule O, line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % Designation of Tax Matters Person (See Instructions.) Enter below the shareholder designated as the tax matters person (TMP) for the tax year of this return, if one has been designated: Name of designated TMP Address of designated TMP    N35_I 2019A 04 VID01 Identifying number of TMP ID NO 01  FORM N-35 (REV. 2019)
Extracted from PDF file 2019-hawaii-form-n-35.pdf, last modified September 2003

More about the Hawaii Form N-35 Corporate Income Tax Tax Return TY 2019

We last updated the S Corporation Income Tax Return (Rev. 2015) in March 2020, so this is the latest version of Form N-35, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form N-35 directly from TaxFormFinder. You can print other Hawaii tax forms here.

Related Hawaii Corporate Income Tax Forms:

TaxFormFinder has an additional 164 Hawaii income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Hawaii Form N-35.

Form Code Form Name
Form N-350 Cesspool Upgrade, Conversion or Year Connection Income Tax Credit
Form N-35 Sch. K1 Shareholder's Share of Income, Credits, Deductions, etc
Form N-35 Sch. D Capital Gains and Losses and Built-in Gains
N-35 Sch. NS Hawaii S Corporation Agreement of Nonresident Shareholder

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 N-35 from the Department of Taxation in March 2020.

Show Sources >

Form N-35 is a Hawaii Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

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 N-35

We have a total of eight past-year versions of Form N-35 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form N-35

Form N-35, Rev. 2019, S Corporation Income Tax Return

2018 Form N-35

Instructions for Form N-35, Rev. 2018, S Corporation Income Tax Return

2017 Form N-35

Form N-35, Rev. 2017, S Corporation Income Tax Return

2016 Form N-35

Form N-35, Rev. 2016, S Corporation Income Tax Return

Forms 2015 - Fillable 2015 Form N-35

Form N-35, Rev. 2015, S Corporation Income Tax Return

Forms 2014 - Fillable 2014 Form N-35

Form N-35, Rev. 2014, S Corporation Income Tax Return

Forms 2012 - Fillable 2012 Form N-35

Form N-35, Rev. 2012, S Corporation Income Tax Return

Forms 2011 - CD Fillable 2011 Form N-35

Form N-35, Rev. 2011, S Corporation Income Tax Return


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