Skip to main content

Legal

Featured

Questions? We are here to help
Contact us

Tax & Accounting

Featured

Questions? We are here to help
Contact us

Trade & Supply

Featured

Questions? We are here to help
Contact us

Risk & Fraud

News & Media

Books

Developers

Screens

Screen HIC - Hawaii Business (1040)

Show all hidden content

Overview

Use this screen to complete Hawaii business income and the Hawaii Reconciliation Report.

General Information

Federal Schedule C information automatically transfers to the fields.

Income and Expenses

For all returns,
Total Sources
 calculations always include 100 percent of income and expenses entered in the federal
C
 and
C-2
 screens. For part-year and nonresident returns, activities with postal
HI
 that aren't allocated using the state allocation spreadsheet include 100 percent of income and expenses in the
Hawaii Sources
 calculations. Activities with any other ZIP Code exclude all income and expenses for the
Hawaii Sources
 calculations. When you enter data in the state allocation spreadsheet,
Hawaii Sources
 amounts are calculated by multiplying the total income and total expenses by the amount in the
Percent of federal allocated to state
 field entered in the federal
St CO
 screen with postal
HS
 (Hawaii Source). Blank
HS
 screen amounts default to
HI
 screen amounts.
Gross income adjustment/Expense adjustment
Income and expense adjustments as needed for Hawaii law are made in this field and transfer to the
Hawaii Reconciliation Summary Report
. Differing income, expenses, or depreciation for business units are reported as an addition or subtraction on the Hawaii return. These differences are then reported on a Hawaii Required Statement labeled, "Federal Schedule C Income Adjustment (Includes Depr)." The
Hawaii Sources
 fields are used to calculate the part-year and nonresident returns only.
note
Starting in UltraTax CS 2022, Form N-11/N-15 Hawaii Reconciliation Report for Business (Schedule C) automatically reduces total source expenses under Hawaii law by 50% of the amount for
Meals - Fully deductible
 entered on the federal
C-2
 screen. Use this field to force the expenses adjustment on the worksheet.
Prior year Section 179 / ... / Recomputed Section 280F
Information appears in the shaded fields from data entered in the federal
C
 screen and in the asset module. Use the
Force
 fields to force an amount different than the calculated amount appearing in the shaded default fields.

Passive Activity and Other Carryover

Information that appears in this section automatically transferred to this input screen from the federal
C-3
 and
St Co
 screens.
Operating /.../ Section 179 Carryover
When
Total Sources
 state-specific carryover information is available for proforma, the information is proforma'd to the corresponding federal input screen for the activity. The information is federal-to-state transferred to the
Total Sources
 fields. When Hawaii source carryover information is available for proforma, the information is proforma'd to the
Hawaii Sources
 fields.
Hawaii Sources
 fields with no data are assumed to be zero. The calculation doesn't default to the
Total Sources
 amounts. The
Hawaii Sources
 fields are used to calculate the part-year and nonresident returns only.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Hawaii

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close