N-35: S Corporation Income Tax Return (2024)
Hawaii · Hawaii DoTax · Used for tax years 2024
Form N-35 is Hawaii’s S Corporation Income Tax Return for 2024. It reports the corporation’s income, deductions, taxes and payments, along with shareholders’ pro rata share items such as income, deductions and credits.
What you'll need
Gather the information and attachments that apply to your return:
- Business details: Corporation name, mailing address, federal employer identification number, Hawaii Tax I.D. number, and the business activity code shown on federal Form 1120S.
- Income and expense information: Sales, returns and allowances, inventory, cost of goods sold, and business deductions.
- Federal return attachments: A copy of page 4 of federal Form 1120S, plus Schedule M-3 if applicable.
- Shareholder details: Names, addresses, SSNs or FEINs, shares owned, states of residence, Schedule NS filing information, and payments on attached Forms N-4.
- Payment information: The 2023 overpayment credited to 2024, 2024 estimated tax payments from Forms N-201V and N-288A, payments with an extension, and Forms N-4 for tax withheld.
- Supporting schedules and forms: Attach the schedules requested for income, deductions, taxes, and credits you report. Examples include Schedule D-1, federal Form 8825 for rental real estate activities, and federal Form 4562 for the section 179 deduction.
- Special attachments: Schedule PTE for an electing pass-through entity and Schedule AMD for an amended return.
- Apportionment information, if applicable: Property values, compensation, and sales in Hawaii and everywhere for Schedule P.
Common mistakes
- Including nonbusiness items on lines 1a through 20. The form cautions that these lines are only for trade or business income and expenses.
- Deducting oil and gas depletion on line 15. The form specifically says not to deduct it there.
- Treating preparer discussion permission as a power of attorney. The form states that this designation does not replace Form N-848, Power of Attorney.
Questions people ask
Can I request a refund of an overpayment?
Yes. Line 26 lets you enter the amount of your overpayment to be refunded and the amount to be credited to 2025 estimated tax.
What does the form require for an amended return?
Check the “AMENDED Return” box and attach Schedule AMD. Lines 29 and 30 are for the amount paid or overpaid on the original return and the balance due or refund with the amended return.
What if the corporation is an electing pass-through entity?
Check the “Electing PTE” box and attach Schedule PTE. The form provides line 22f for pass-through entity tax and Schedule K, line 16m, for the pass-through entity tax credit.
Who signs the return?
The form has a signature line for an officer, along with the date and the officer’s printed name and title. It also has a paid preparer information and signature section.