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SCHEDULE K-1 STATE OF HAWAII — DEPARTMENT OF TAXATION
FORM N-35
(REV. 2023) SHAREHOLDER’S SHARE OF INCOME, CREDITS,
2023
PREPARE IN TRIPLICATE DEDUCTIONS, ETC.
For EACH Shareholder For calendar year 2023 or other tax year
Copy 1 File with N-35
Copy 2 S Corporation Copy beginning , 2023 and ending , 20
Copy 3 Shareholder’s Copy N35SCHK1_I 2023A 01 VID01
Shareholder’s identifying number Corporation’s Federal identifying number (FEIN)
Shareholder’s name, mailing address, and Postal/ZIP code 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.
(a) Pro rata share items (b) Attributable to (c) Attributable (d) Form N-11*/ N-15** filers enter
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.
Income (Losses) 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
Deductions
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
Investment Interest 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.
Purpose of Schedule K-1 — The S corporation Instructions for Schedule K-1)” in item A is directed are not residents of Hawaii or who are part-year
uses Schedule K-1 (Form N-35) to report to you only to the corporation. residents of Hawaii are to use amounts attributable
your share of the corporation’s income (reduced by Schedule K-1 does not show the amount of actual to Hawaii and the total sum of amounts attributable
any tax the corporation paid on the income), credits, dividend distributions the corporation paid to you. to Hawaii and amounts attributable elsewhere in
deductions, etc. Please keep it for your records. The corporation must report to you such amounts preparing their Hawaii income tax returns. Income
Although the corporation is subject to a built-in on Form 1099-DIV. Resident shareholders’ actual attributable to Hawaii is reported by all sharehold-
gains tax, an excess net passive income tax, and dividend distributions are already included in fed- ers net of adjustments allowed to corporations. The
a LIFO recapture tax, you are liable for the income eral adjusted gross income (federal AGI) for Form total of your share of these adjustments is shown
tax on your share of the corporation’s income, N-11 filers. on line 22a and are explained on line 30. Items of
whether or not distributed, and you must include Schedule K-1 now provides you with information re- income or deductions should be reported on your
your share on your tax return. lating to the source of your share of the income of return net of these adjustments. Resident share-
Use these instructions to help you report the items the S corporation. This is required under provisions holders may make an adjustment to income report-
shown on Schedule K-1 on your Hawaii income tax of section 235-128, Hawaii Revised Statutes. How ed on their net income tax return for interest penalty
return. Where “(attach schedule)” appears on lines this income is reported by you to the State of Ha- on early withdrawal of savings, if a penalty was im-
10, 12, 13, 14, and 22a, it means the information waii depends on your residency status. Sharehold- posed on the early withdrawal of savings by the S
for these lines (if applicable) will be shown on line ers who are Hawaii residents are to report the total corporation and the interest income is not attribut-
30, or if additional space was needed, the corpora- sum of the income, deductions, and credits attrib- able to Hawaii. The amount of this deduction ap-
tion will have attached a statement to your Sched- utable to Hawaii and the income, deductions, and pears on line 23.
ule K-1 to show the information. The notation “(See credits attributable elsewhere. Shareholders who FORM N-35
SCHEDULE K-1 (REV. 2023)
ID NO 01
