N-20 Sch. K1: Partner’s Share of Income, Credits, Deductions, etc. (Form N-20) (2024)
Hawaii · Hawaii DoTax · Used for tax years 2024
Hawaii Schedule K-1 (Form N-20) reports each partner’s share of partnership income, losses, deductions, credits, and other tax items, including amounts attributable to Hawaii and everywhere. It also records the partner’s ownership percentages, share of liabilities, and capital ac
Who files this form
The partnership must prepare Schedule K-1 (Form N-20) for each partner. It reports the partner’s share of income, losses, deductions, credits, and other items.
The form includes partner classifications for general partners, limited partners, LLC member-managers, and other LLC members.
What you'll need
Have the information requested on the form ready:
- The partner’s name, address, Postal/ZIP Code, and Social Security number or federal employer identification number.
- The partnership’s name, address, Postal/ZIP Code, and federal employer identification number.
- The partner’s classification and entity type. For a disregarded entity, the form also requests its FEIN and name.
- The partner’s profit-sharing, loss-sharing, and capital-ownership percentages before a change or termination and at year-end.
- The partner’s share of liabilities and capital account information.
- Income, losses, deductions, credits, and other separately reported items, including amounts attributable to Hawaii and attributable everywhere.
For applicable entries, attach Schedule D-1 for net IRC section 1231 gain or loss. The form also calls for attached schedules for other income or loss, charitable contributions, the IRC section 179 expense deduction, deductions related to portfolio income, and other deductions.
How to file
Prepare Schedule K-1 in triplicate for each partner:
- Copy 1: File with Form N-20.
- Copy 2: Partnership copy.
- Copy 3: Partner’s copy.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
Do not transfer information from Schedule K-1 to your tax return without first consulting the Partner’s Instructions for Schedule K-1 (Form N-20). The form specifically cautions partners to read those instructions before entering the information on their returns.
Questions people ask
What tax year does this form cover?
This version is for calendar year 2024 or another tax year beginning in 2024. The form has spaces to enter the beginning and ending dates for that other tax year.
What is the difference between columns (b) and (c)?
Column (b) reports amounts attributable to Hawaii. Column (c) reports amounts attributable everywhere. Column (d) gives return-line references or instructions for Form N-11 and N-15 filers.
How do I identify a final or amended Schedule K-1?
Item F has separate boxes for “Final K-1” and “Amended K-1.” Check the applicable boxes.
Where is Hawaii income tax withheld on Form N-4P reported?
Line 30 reports the credit for Hawaii income tax withheld on Form N-4P. The form labels this line for nonresident partners only and directs the amount to Form N-158, line 1.