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Hawaii Free Printable Schedule K-1 Form N-35 Rev 2020 Shareholder's Share of Income, Credits, Deductions, Etc. for 2021 Hawaii Shareholder's Share of Income, Credits, Deductions, etc

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Shareholder's Share of Income, Credits, Deductions, etc
Schedule K-1 Form N-35 Rev 2020 Shareholder's Share of Income, Credits, Deductions, Etc.

Clear Form SCHEDULE K-1 STATE OF HAWAII — DEPARTMENT OF TAXATION FORM N-35 (REV. 2020) For calendar year 2020 or tax year beginning , 2020 and ending 2020 SHAREHOLDER’S SHARE OF INCOME, CREDITS, DEDUCTIONS, ETC. , 20 (NOTE: Prepare in triplicate. (1) File with N-35. (2) For S corp. (3) For shareholder.) Shareholder’s identifying number  Shareholder’s name, mailing address, and Postal/ZIP code Corporation’s Federal identifying number (FEIN)  Corporation’s name, mailing address, and Postal/ZIP code A (1) Shareholder’s percentage of stock ownership for tax year  % and (2) Number of shares owned by shareholder at tax year end  (See Instructions for Schedule K-1) B Check applicable boxes: (1)  Final K-1 (2)  Amended K-1 Caution: Refer to Shareholder’s Instructions for Schedule K-1 before entering information from Schedule K-1 on your tax return. (b) Attributable to Hawaii (c) Attributable Elsewhere (d) Form N-11*/ N-15** filers enter the amounts in col. (b) and col. (c) on: } 1 Ordinary income (loss) from trade or business activities............................. 2 Net income (loss) from rental real estate activities...................................... 3 Net income (loss) from other rental activities............................................... 4 Interest......................................................................................................... 5 Ordinary Dividends...................................................................................... 6 Royalties...................................................................................................... 7 Net short-term capital gain (loss)................................................................. 8 Net long-term capital gain (loss).................................................................. 9 Net section 1231 gain (loss)........................................................................ 10 Other income (loss) (attach schedule)......................................................... 11 Charitable contributions............................................................................... 12 IRC section 179 expense deduction (attach schedule)................................ 13 Deductions related to portfolio income (loss) (attach schedule).................. 14 Other deductions (attach schedule)............................................................. 15 a Interest expense on investment debts..................................................... b (1) Investment income included on lines 4, 5, and 6 above................... (2) Investment expense included on line 13 above................................ See Shareholder’s Instructions for Schedule K-1 (N-35). Interest Worksheet Line 9 See Shareholder’s Instructions. Capital Gain/Loss Worksheet Capital Gain/Loss Worksheet Schedule D-1, line 2 (Enter on applicable line of your return) Worksheet A-4, PY-4, or NR-4 See Shareholder’s Instructions. Worksheet A-6, PY-6, or NR-6 (Enter on applicable line of your return) Form N-158, line 1 Investment Interest Deductions Income (Losses) (a) Pro rata share items }   See Shareholder’s Instructions for Schedule K-1 (N-35). * For Form N-11 filers, if your federal Schedule K-1 (Form 1120S) and Hawaii Schedule K-1 (Form N-35) amounts are different, the necessary adjustments are to be made in the Hawaii Additions Worksheet and/or Hawaii Subtractions Worksheet in the Form N-11 Instructions. **For Form N-15 filers, the referenced worksheets are located in the Form N-15 Instructions. Instructions for Schedule K-1)” in item A is directed not residents of Hawaii or who are part-year resiPurpose of Schedule K-1 — The S corporation dents of Hawaii are to use amounts attributable to uses Schedule K-1 (Form N-35) to report to you only to the corporation. Hawaii and the total sum of amounts attributable to your share of the corporation’s income (reduced by Schedule K-1 does not show the amount of actual dividend distributions the corporation paid to you. Hawaii and amounts attributable elsewhere in preany tax the corporation paid on the income), credits, The corporation must report to you such amounts paring their Hawaii income tax returns. Income atdeductions, etc. Please keep it for your records. tributable to Hawaii is reported by all shareholders on Form 1099-DIV. Resident shareholders’ actual Although the corporation is subject to a built-in net of adjustments allowed to corporations. The togains tax, an excess net passive income tax, and a dividend distributions are already included in fedtal of your share of these adjustments is shown on eral adjusted gross income (federal AGI) for Form LIFO recapture tax, you are liable for the income tax line 22a and are explained on line 29. Items of inN-11 filers. on your share of the corporation’s income, whether come or deductions should be reported on your or not distributed, and you must include your share Schedule K-1 now provides you with information rereturn net of these adjustments. Resident sharelating to the source of your share of the income of on your tax return. holders may make an adjustment to income reportthe S corporation. This is required under provisions Use these instructions to help you report the items ed on their net income tax return for interest penalty shown on Schedule K-1 on your Hawaii income tax of section 235-128, Hawaii Revised Statutes. How on early withdrawal of savings, if a penalty was imthis income is reported by you to the State of Hawaii return. Where “(attach schedule)” appears on lines depends on your residency status. Shareholders posed on the early withdrawal of savings by the S 10, 12, 13, 14, and 22a, it means the information corporation and the interest income is not attributwho are Hawaii residents are to report the total sum for these lines (if applicable) will be shown on line able to Hawaii. The amount of this deduction apof the income, deductions, and credits attributable 29, or if additional space was needed, the corporapears on line 23. to Hawaii and the income, deductions, and credtion will have attached a statement to your SchedFORM N-35 ule K-1 to show the information. The notation “(See its attributable elsewhere. Shareholders who are SCHEDULE K-1 (REV. 2020) N35SCHK1_I 2020A 01 VID01 ID NO 01 SCHEDULE K-1 (FORM N-35) (REV. 2020) PAGE 2 Recapture of Tax Credits Other Items Credits (a) Pro rata share items 16 a Fuel Tax Credit for Commercial Fishers.................................................. b Total cost of qualifying property for the Capital Goods Excise Tax Credit................................................................................................ c Amounts needed to claim the Enterprise Zone Tax Credit......................   d Hawaii Low-Income Housing Tax Credit.................................................. e Credit for Employment of Vocational Rehabilitation Referrals................. f Qualified production costs for the Motion Picture, Digital Media, and Film Production Income Tax Credit.................................................. g Credit for School Repair and Maintenance............................................. h Renewable Energy Technologies Income Tax Credit..............................   i Important Agricultural Land Qualified Agricultural Cost Tax Credit........................................................................................ j Tax Credit for Research Activities........................................................... k Capital Infrastructure Tax Credit.............................................................. l Cesspool Upgrade, Conversion or Connection Income Tax Credit......... m Renewable Fuels Production Tax Credit................................................. n Organic Foods Production Tax Credit..................................................... o Historic Preservation Income Tax Credit ................................................ p Credit for income tax withheld on Form N-288A (net of refunds)............ q Credit for Hawaii income tax withheld on Form N-4 (Nonresident shareholders only)............................................................. r Pro rata share of net income tax paid by the S corporation to states which do not recognize the corporation’s “S” status. (Resident and part-year resident shareholders only).............................. 17 Property distributions (including cash) other than dividend distributions reported to you on federal Form 1099-DIV.................................................. 18 Tax exempt interest income......................................................................... 19 Other tax exempt income............................................................................. 20 Nondeductible expenses.............................................................................. 21 Amount of loan repayments for “Loans from Shareholders.”........................ 22 a Corporate adjustments to income attributable to Hawaii (attach schedule).................................................................................... b Personal adjustments to income attributable elsewhere......................... 23 Interest penalty on early withdrawal of savings............................................ 24 Recapture of Hawaii Low-Income Housing Tax Credit: a From IRC section 42(j)(5) partnerships................................................... b Other than on line 24a............................................................................ 25 Capital Goods Excise Tax Credit Properties................................................   26 Recapture of Tax Credit for Flood Victims.................................................... 27 Recapture of Important Agricultural Land Qualified Agricultural Cost Tax Credit............................................................................................. (b) Attributable to Hawaii (c) Attributable Elsewhere (d) Form N-11/N-15 filers enter on: Form N-163 Form N-312, Part I See attached Form N-756A. See attached Form N-342A. Form N-756 Form N-586 Form N-884 Form N-340 Form N-330 Form N-342 Form N-344 Form N-346 Form N-348 Form N-350 Form N-352 Form N-354 Form N-325 } See Shareholder’s Instructions for Schedule K-1 (Form N-35) } See Shareholder’s Instructions for Schedule K-1 (Form N-35) } Form N-586, Part III See attached N-312, Part II. Form N-312, Part II Form N-338 Form N-344 Form N-348 Supplemental Information 28 Recapture of Capital Infrastructure Tax Credit............................................. 29 Supplemental information for lines 10, 12, 13, 14, 22a, or other items and amounts not included in lines 1 through 28 that are required to be reported separately to each shareholder (attach additional schedules if more space is needed):
Extracted from PDF file 2020-hawaii-form-n-35-sch-k1.pdf, last modified September 2003

More about the Hawaii Form N-35 Sch. K1 Corporate Income Tax Tax Credit TY 2020

We last updated the Shareholder's Share of Income, Credits, Deductions, etc in March 2021, so this is the latest version of Form N-35 Sch. K1, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form N-35 Sch. K1 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 Sch. K1.

Form Code Form Name
Form N-35 S Corporation Income Tax Return (Rev. 2015)
Form N-350 Cesspool Upgrade, Conversion or Year Connection Income Tax Credit
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 Sch. K1 from the Department of Taxation in March 2021.

Show Sources >

Form N-35 Sch. K1 is a Hawaii Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

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 Sch. K1

We have a total of nine past-year versions of Form N-35 Sch. K1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2020 Shareholder's Share of Income, Credits, Deductions, Etc.

2019 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2019 Shareholder's Share of Income, Credits, Deductions, Etc.

2018 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2018 Shareholder's Share of Income, Credits, Deductions, Etc.

2017 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2017 Shareholder's Share of Income, Credits, Deductions, Etc.

2016 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2016 Shareholder's Share of Income, Credits, Deductions, Etc.

Forms 2015 2015 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2015 Shareholder's Share of Income, Credits, Deductions, Etc.

Forms 2014 2014 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2014 Shareholder's Share of Income, Credits, Deductions, Etc.

Forms 2012 2012 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2012 Shareholder's Share of Income, Credits, Deductions, Etc.

Forms 2010 2011 Form N-35 Sch. K1

Schedule K-1 Form N-35 Rev 2010 Shareholder's Share of Income, Credits, Deductions, Etc.


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