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Screen HIK1T-2 - Hawaii Schedule K-1, 1041 - Deductions and Other Info (1040)

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Overview

Use this screen to calculate the Hawaii return and recalculated federal forms. Amounts that appear in this screen are automatically transferred from federal Screen K1T-2 or the Multistate Allocation Spreadsheet. The data transferred depends on the residency status of the return and the method of federal data entry.
For resident returns, Hawaii
State, if different
 amounts are transferred to the
Total Sources
 fields if present. If there are no Hawaii
State, if different
 amounts entered, the federal amounts transfer.
Hawaii Sources
 fields are not applicable to a resident return.
For part-year and nonresident returns when K1 data is entered without using the Multistate Allocation Spreadsheet, Hawaii
State, if different
 amounts transfer to the
Hawaii Sources
 fields if present. Blank
State, if different
 fields default to transferring the federal information to both columns.
For K1 data that has been entered using the Multistate Allocation Spreadsheet, Hawaii
State, if different
 amounts transfer to the
Hawaii Sources
 fields. Blank
State, if different
 amounts default to transferring the federal information. Federal amounts always transfer to the
Total Sources
 fields. Be sure to review the
Total Sources
 fields to report the amounts from Hawaii Schedule K-1, Total amounts, in the
Total Sources
 fields.

Deductions and Distributions

Estate tax deduction / … / Gross farming or fishing income: Total Sources
Information from federal data entry transfers to these fields. Enter the amounts from Schedule K-1, Total amounts, adjusted as necessary per state law, in this column.
Trust paid state estimate taxes
Enter the estimates paid by the trust on the beneficiary’s behalf reported on Schedule K-1, Form N-40.
Estate tax deduction / … / Gross farming or fishing income: PY/NR Only Hawaii Sources
Information that appears in the
Hawaii Sources
 column section transferred to these fields from federal data entry. Enter amounts from Schedule K-1,
Hawaii Sources
 amounts and credits, adjusted as necessary per state law.
Pro rata share of taxes withheld for sale of real property
Enter amount reported on Form N-288A Statement of Withholding on Disposition by Nonresident Persons of Hawaii Real Property Interest
less
 the refund previously claimed with Form N-288C Application for Tentative Refund of Withholding on Dispositions by Nonresident Persons of Hawaii Real Property Interest. This amount will be included on the Schedule CR pro rata share of taxes withheld for sale of real property.

This article applies to:

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

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