Article: 50240
Overview
Form N-35 Schedule K-1 is the S Corporation level Schedule K-1 filed with Form N-35 (S Corporation Return of Income) in Hawaii. Its purpose is to report each shareholder‘s share of income, losses, deductions, and tax credits generated by the S Corporation for inclusion on their individual or entity tax returns.
Most income and deductions will automatically flow from the Federal Schedule K-1 (Form 1120-S) into your state return. However, you may need to manually add Hawaii-specific items using Form N-35 Schedule K-1.
Add Form N-35 Schedule K-1
To add the Form N-35 Schedule K-1:
- Go to State Taxes.
- Click I’d like to see the forms I’ve filled out or search for a form.
- Click Hawaii to expand the Forms listing.
- Click on the General tab.
- Select N35K1 – Shareholder’s Share of Income, Credits, Deductions, etc. to add and open the form.
- Enter your information and click Save.