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Shareholder Information > Composite Information dialog (1120-HI)
Use this
Composite Information
screen to enter Hawaii-specific information for each composite shareholder.You'll need to have a client with Hawaii attached. Select
View
, Shareholder Information
, the Hawaii
tab, then Composite Information
.Fields and buttons
Shareholder name
Select the appropriate shareholder's name from the dropdown list.
Fields and buttons — General information group box
Filing status
Enter the shareholder's filing status as if they were filing a separate individual tax return. UltraTax CS uses the filing status in the tax calculation for the composite return. If you leave this blank, UltraTax CS defaults to the single filing status.
Hawaii income (Force)
Enter a value here only if you want to override the amount calculated by UltraTax CS for the shareholder. UltraTax CS uses this amount in conjunction with the shareholder's selected filing status to calculate the amount of tax on the composite return.
Itemized deduction
Enter the shareholder's share of itemized deductions that they would otherwise be entitled to claim if they were filing a separate tax return. Hawaii does not permit the standard deduction to be claimed for any composite shareholder.
Recapture of capital goods excise tax credit (Force)
Enter the shareholder's share of the capital goods excise tax recapture from Form N-312, Page 2. UltraTax CS uses this amount in calculating the amount of the capital goods excise tax credit on the composite Schedule CR.
Other taxes
Enter any other taxes applicable to the individual shareholder from Forms N-2, N-103, N-152, N-405, N-586, and/or N-814. Any amounts entered here are included in the composite tax amount on Form N-15, Page 2.
Underpayment interest
Enter the shareholder's share of underpayment interest. UltraTax CS uses this information to calculate the amount of interest due on the composite return.
Fields and buttons — Nonrefundable credits group box
Carryover of the credit for energy conservation
Enter the shareholder's share of the energy conservation tax credit from Form N-157. UltraTax CS uses this information to calculate the nonrefundable credits on the composite Schedule CR.
Enterprise zone credit
Enter the shareholder's share of the enterprise zone credit from Form N-756. UltraTax CS uses this amount to calculate the amount of nonrefundable credits on the composite Schedule CR.
Carryover of the high tech business investment tax credit
Enter the shareholder's share of the high tech business investment tax credit carryover from Form N-323. UltraTax CS uses this information to calculate the nonrefundable credits on the composite Schedule CR.
Carryover of the individual development account contributions tax credit
Enter the shareholder's share of the individual development account contribution tax credit carryover from Form N-323. UltraTax CS uses this information to calculate the nonrefundable credits on the composite Schedule CR.
Carryover of the technology infrastructure renovation tax credit
Enter the shareholder's share of the technology infrastructure renovation tax credit carryover from Form N-323. UltraTax CS uses this information to calculate the nonrefundable credits on the composite Schedule CR.
Carryover of the hotel construction and remodeling tax credit
Enter the shareholder's share of the hotel construction tax credit carryover from Form N-314. UltraTax CS uses this information to calculate the refundable credits on the composite Schedule CR.
Carryover of the residential construction tax credit
Enter the shareholder's share of the residential construction and remodeling tax credit from Form N-332. UltraTax CS uses this information to calculate the nonrefundable credits on the composite Schedule CR.
Carryover of the renewable energy technologies income tax credit
Enter the shareholder's share of the renewable energy technology credit from Form N-342. UltraTax CS uses this information to calculate the nonrefundable and refundable credits on the composite Schedule CR.
Fields and buttons — Refundable credits group box
Capital goods excise tax credit (Force)
Enter the shareholder's share of the capital goods excise tax credit from Form N-312. Do not include any amount of recapture in this field.
Credit for tax paid on Hawaii real property
Enter the shareholder's pro rata share of the credit for taxes withheld and paid by a partnership, estate, trust, or S Corporation on the sale of Hawaii real property interests. UltraTax CS uses this information to calculate the refundable credits on the composite Schedule CR.
Regulated investment company credit
Enter the shareholder's share of the credit from regulated investment companies. UltraTax CS uses this information to calculate the refundable credits on the composite Schedule CR.