Form N-35 - Schedule K-1 - Shareholder'S Share Of Income, Credits, Deductions, Etc. - 2015
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SCHEDULE K-1
STATE OF HAWAII — DEPARTMENT OF TAXATION
SHAREHOLDER’S SHARE OF INCOME, CREDITS, DEDUCTIONS, ETC.
2015
FORM N-35
(REV. 2015)
For calendar year 2015 or tax year
beginning
, 2015 and ending
, 20
(NOTE: Prepare in triplicate. (1) File with N-35. (2) For S corp. (3) For shareholder.)
Corporation’s Federal identifying number (FEIN)
Shareholder’s identifying number
Shareholder’s name, address, and Postal/ZIP code
Corporation’s name, address, and Postal/ZIP code
(1) Shareholder’s percentage of stock ownership for tax year
A
% 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
(c) Attributable
(d) Form N-11*/ N-15** filers enter
(a) Pro rata share items
Hawaii
Elsewhere
the amounts in col. (b) and col. (c) on:
1 Ordinary income (loss) from trade or business activities ............................
}
See Shareholder’s Instructions for
2 Net income (loss) from rental real estate activities .....................................
Schedule K-1 (N-35).
3 Net income (loss) from other rental activities ..............................................
4 Interest ........................................................................................................
Interest Worksheet
5 Ordinary Dividends .....................................................................................
Line 9
6 Royalties .....................................................................................................
See Shareholder’s Instructions.
7 Net short-term capital gain (loss) ................................................................
Capital Gain/Loss Worksheet
8 Net long-term capital gain (loss) .................................................................
Capital Gain/Loss Worksheet
9 Net section 1231 gain (loss) .......................................................................
Schedule D-1, line 2
10 Other income (loss) (attach schedule). .......................................................
(Enter on applicable line of your return)
11 Charitable contributions...............................................................................
Worksheet A-4, PY-4, or NR-4
12 IRC section 179 expense deduction (attach schedule). ..............................
See Shareholder’s Instructions.
13 Deductions related to portfolio income (loss) (attach schedule) .................
Worksheet A-6, PY-6, or NR-6
14 Other deductions (attach schedule) ............................................................
(Enter on applicable line of your return)
15 a Interest expense on investment debts ....................................................
Form N-158, line 1
b (1) Investment income included on lines 4, 5, and 6 above ..................
}
See Shareholder’s Instructions for
Schedule K-1 (N-35).
(2) Investment expense included on line 13 above ...............................
* 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 resi-
Purpose of Schedule K-1 — The S corporation
only to the corporation.
dents of Hawaii are to use amounts attributable to
uses Schedule K-1 (Form N-35) to report to you
Hawaii and the total sum of amounts attributable to
Schedule K-1 does not show the amount of actu-
your share of the corporation’s income (reduced by
Hawaii and amounts attributable elsewhere in pre-
al dividend distributions the corporation paid to you.
any tax the corporation paid on the income), credits,
paring their Hawaii income tax returns. Income at-
The corporation must report to you such amounts
deductions, 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 to-
dividend distributions are already included in fed-
gains tax, an excess net passive income tax, and
tal of your share of these adjustments is shown on
eral adjusted gross income (federal AGI) for Form
a LIFO recapture tax; you, the shareholder, are lia-
line 22a and are explained on line 30. Items of in-
N-11 filers.
ble for the income tax on your share of the corpo-
come or deductions should be reported on your
Schedule K-1 now provides you with information re-
ration’s income, whether or not distributed, and you
return net of these adjustments. Resident share-
lating to the source of your share of the income of
must include your share on your tax return.
holders may make an adjustment to income report-
the 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
of section 235-128, Hawaii Revised Statutes. How
shown on Schedule K-1 on your Hawaii income tax
on early withdrawal of savings, if a penalty was im-
this income is reported by you to the State of Hawaii
return. Where “(attach schedule)” appears on lines
posed on the early withdrawal of savings by the S
depends on your residency status. Shareholders
10, 12, 13, 14, and 22a, it means the information
corporation and the interest income is not attribut-
who 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 ap-
of the income, deductions, and credits attributable
30, or if additional space was needed, the corpora-
pears on line 23.
to Hawaii and the income, deductions, and cred-
tion will have attached a statement to your Sched-
its attributable elsewhere. Shareholders who are
FORM N-35
ule K-1 to show the information. The notation “(See
SCHEDULE K-1
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