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Hawaii Free Printable Schedule K-1, Form N-40, Rev. 2020, Beneficiaries Share of Income, Deductions, Credits, etc. for 2021 Hawaii Beneficiary's Share of Income, Deductions, Credits, etc

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Beneficiary's Share of Income, Deductions, Credits, etc
Schedule K-1, Form N-40, Rev. 2020, Beneficiaries Share of Income, Deductions, Credits, etc.

Clear Form SCHEDULE K-1 (FORM N-40) (REV. 2020) STATE OF HAWAII — DEPARTMENT OF TAXATION Beneficiary’s Share of Income, Deductions, Credits, etc. 2020 for Calendar Year 2020, or fiscal year beginning __________________, 2020 and ending __________________, 20_____ COMPLETE A SEPARATE SCHEDULE K-1 FOR EACH BENEFICIARY   Name of trust or decedent’s estate  Beneficiary’s identifying number  Beneficiary’s name, mailing address and Postal/ZIP Code Amended K-1 Final K-1 Estate’s or trust’s EIN Fiduciary’s name, mailing address, and Postal/ZIP Code (a) Allocable share item (c) Calendar year 2020 Form N-11*/N-15** filers enter the amounts in column (b) on: (b) Amount 1 Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest Worksheet (N-15) 2 Ordinary Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . Form N-15, line 9 3 a Net short-term capital gain . . . . . . . . . . . . . . . . . . . . Capital Gain/Loss Worksheet, line 2 (N-15) b Net long-term capital gain . . . . . . . . . . . . . . . . . . . . Capital Gain/Loss Worksheet, line 9 (N-15) 4 a Annuities, royalties, and other nonpassive income before directly apportioned deductions . . . . . . . . . . . . . . . . . Form N-15, line 17 b Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . Include on applicable line of c Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . appropriate tax form d Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 a Trade or business, rental real estate, and other rental income before directly apportioned deductions. (see Instructions). . . . Form N-15, line 17 b Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . Include on applicable line of c Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . appropriate tax form d Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Net income taxes paid to another state or foreign country See Instructions for Form N-11, lines 21b and 35 or (list on a separate sheet). . . . . . . . . . . . . . . . . . . . . . . Form N-15, lines 38b and 52 7 a Total cost of qualifying property for the Capital Goods Excise Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . Form N-312 b Low-Income Housing Tax Credit. . . . . . . . . . . . . . . . . Form N-586 c Tax Credit for Research Activities. . . . . . . . . . . . . . . . . Form N-346 8 Deductions in the final year of trust or decedent’s estate: a Excess deductions on termination Worksheet A-6, line 25 (N-11); Worksheet NR-6, line (see Instructions). . . . . . . . . . . . . . . . . . . . . . . . . 26 (N-15); or Worksheet PY-6, line 49 (N-15) b Short-term capital loss carryover. . . . . . . . . . . . . . . . . Capital Gain/Loss Worksheet, line 5 (N-15) c Long-term capital loss carryover . . . . . . . . . . . . . . . . . Capital Gain/Loss Worksheet, line 12 (N-15) d Net operating loss (NOL) carryover. . . . . . . . . . . . . . . . Form N-15, line 19 e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Include on applicable line of f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . appropriate tax form 9 Other (itemize): a Payments of estimated tax credited to you. . . . . . . . . . . . Form N-11, line 38; Form N-15, line 55 b Tax-exempt interest See Instructions for Form N-11, lines 10 and 18 or . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Form N-15, line 8 c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Include on applicable line of appropriate tax form DISTRIBUTION OF INCOME NOT SUBJECT TO TAX IN HAWAII TO NONRESIDENT BENEFICIARIES — See Instructions } 10 Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Other intangible income (state nature of income) . . . . . . . . . . 13 Capital gain (loss) on intangibles. . . . . . . . . . . . . . . . . . . Include on applicable line on Form N-15, Column A * For Form N-11 filers, if your federal Schedule K-1 (Form 1041) and Hawaii Schedule K-1 (Form N-40) amounts are different, the necessary adjustments are to be made on the Hawaii Additions Worksheet and/or the Hawaii Subtractions Worksheet in the Form N-11 Instructions. ** All referenced worksheets are located in the Form N-15 Instructions. N40SCHK1_I 2020A 01 VID01 ID NO 01 SCHEDULE K-1 FORM N-40 SCHEDULE K-1 (FORM N-40) (REV. 2020) PAGE 2 Instructions for Beneficiary Filing Form N-11 or Form N-15 Important Notes For Form N-11 filers, if your federal Schedule K-1 (Form 1041) and Hawaii Schedule K-1 (Form N-40) amounts are different, the necessary adjustments are to be made on the Hawaii Additions Worksheet and/or the Hawaii Subtractions Worksheet in the Form N-11 Instructions. beneficiary of an estate or trust, do not materially participate is a passive activity. All worksheets referenced below are located in the Form N-15 Instructions. Caution: The limitations on passive activity losses under IRC section 469 apply to estates and trusts. Federal rules for treating a beneficiary’s income and directly allocable deductions from an estate or trust, and other rules for applying the passive loss limitations to beneficiaries have not been finalized. These rules will be provided in future federal regulations. General Instructions Line 7a. Total cost of qualifying property for the Capital Goods E ­ xcise Tax Credit. — Calculate your credit on Form N-312. Name, Mailing Address, and Identifying Number. — Your name, mailing address, and identifying number, the estate or trust name, mailing address, and identifying number should have been entered on the Schedule K-1 you received. Line 7b. Low-Income Housing Tax Credit. — Calculate your credit on Form N-586. Errors. — If you believe the estate or trust has made an error on your Schedule K-1, notify the fiduciary of the estate or trust and ask for a corrected Schedule K-1. Do not change any items on your copy. Be sure that the ­estate or trust sends a copy of the corrected Schedule K-1 to the Hawaii Department of Taxation. Specific Instructions If you are a nonresident beneficiary, see instructions for lines 10 through 13 below. Line 1. Interest. — Report the amount from line 1 (Schedule K-1) on your Interest Worksheet. Line 2. Dividends. — Report the amount from line 2 (Schedule K-1) on Form N-15, line 9. Lines 3a and 3b. Capital Gains. — Report the amount from line 3a (Schedule ­K-1) on your Capital Gain/Loss Worksheet, line 2. Report the amount from line 3b (Schedule K-1) on your Capital Gain/Loss Worksheet, line 9. If there is an attachment to this Schedule K-1 that reports a disposition of a ­rental, rental real estate, or passive business activity, see the instructions for federal Form 8582 for information on the treatment of disposition of interests in a passive activity. Lines 5a through 5d. — Internal Revenue Code (IRC) section 469 provides rules that limit deductions and credits derived from passive activities to the income derived from passive activities and the tax imposed on any net income from such activities. A trade or business activity in which you, as Line 7c. Tax Credit for Research Activities. — Calculate your credit on Form N-346. Lines 8a through 8d. Deductions in the final year of trust or decedent’s estate. — If the fiduciary checked the “Final K-1” box at the top, you may be allowed to deduct excess deductions from the final year of the trust or decedent’s estate and certain unused carryovers (subject to limitations) on your individual income tax return. Line 9a. — For purposes of computing any underpayment and penalty on Form N-210, Underpayment of Estimated Tax by Individuals and Fiduciaries, you should treat the amount entered on line 9a as an estimated tax payment made on January 20, 2021. Attach a copy of this Schedule K-1 to the Hawaii income tax return you file to substantiate your credit. Line 9c. — If you are claiming other credits that are not listed in lines 7a through 7c, report them on line 9c. Lines 10 through 13 Nonresident Beneficiary. — Lines 10 through 13 reflect the total interest, dividends, other intangible income, and capital gains or (losses) from the sale of intangibles not subject to tax in Hawaii. Section 235-4.5(a), Hawaii Revised Statutes (HRS), excludes from gross income any intangible income, such as dividends and interest, earned by a trust sited in the State to the extent that, during the taxable year of the trust, the beneficial interest in the trust is held by a nonresident beneficiary or nonresident beneficiaries. This exclusion does not apply to income received from real property held in a land trust formed under Chapter 558, HRS.
Extracted from PDF file 2020-hawaii-form-n-40-sch-k1.pdf, last modified September 2003

More about the Hawaii Form N-40 Sch. K1 Corporate Income Tax Tax Credit TY 2020

We last updated the Beneficiary's Share of Income, Deductions, Credits, etc in March 2021, so this is the latest version of Form N-40 Sch. K1, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form N-40 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-40 Sch. K1.

Form Code Form Name
Form N-40 Sch. D Capital Gains & Losses (Form N-40)
Form N-40 Fiduciary Income Tax Return (Rev. 2016)
Form N-40 Sch. J Trust Allocation of an Accumulation Distribution
Form N-40 T Allocation of Estimated Tax Payments To Beneficiaries
Form N-405 Tax on Accumulation Distribution of Trusts

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-40 Sch. K1 from the Department of Taxation in March 2021.

Show Sources >

Form N-40 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-40 Sch. K1

We have a total of nine past-year versions of Form N-40 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-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2020, Beneficiaries Share of Income, Deductions, Credits, etc.

2019 Form N-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2019, Beneficiaries Share of Income, Deductions, Credits, etc.

2018 Form N-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2018, Beneficiaries Share of Income, Deductions, Credits, etc.

2017 Form N-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2017, Beneficiaries Share of Income, Deductions, Credits, etc.

2016 Form N-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2016, Beneficiaries Share of Income, Deductions, Credits, etc.

Forms 2015 2015 Form N-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2015, Beneficiaries Share of Income, Deductions, Credits, etc.

Forms 2014 2014 Form N-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2014, Beneficiaries Share of Income, Deductions, Credits, etc.

Forms 2012 2012 Form N-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2012, Beneficiaries Share of Income, Deductions, Credits, etc.

Forms 2010 2011 Form N-40 Sch. K1

Schedule K-1, Form N-40, Rev. 2010, Beneficiaries Share of Income, Deductions, Credits, etc.


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