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Screen HIK - Hawaii Schedule K Income (1065)
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Overview
Use this screen to complete Form N-20, Schedule K and Schedule K-1. If information transferred from the UltraTax CS doesn't require additional data or coding, the Hawaii application shows it on the form only, not in the input screen.
UltraTax CS uses amounts entered in the federal screens, adjusted for differences between Hawaii and Federal tax law, for Form N-20, Schedule K. The amounts display directly on Form N-20, Schedule K. All statement items are transferred from UltraTax CS to the statements in this input screen. To change amounts for the Hawaii return, enter data in the boxes or statements in this input screen.
Items that are calculated and automatically transferred from other Hawaii input screens to Form N-20, Schedule K are listed here.
- Ordinary income (loss) from trade or business activities
- Net income (loss) from rental real estate activities
- Net income (loss) from other rental activities
- Royalty income
- Net short-term capital gain (loss)
- Net long-term capital gain (loss)
- Guaranteed payments to partners
- Net gain (loss) from Form 4684, line 38a
- Net loss from Form 4684, line 38b
- Gain from Form 4684, line 39
- Schedule D-1 income (loss)
- Section 1202 gains from Schedule D
In addition to the above items that are associated with this input screen, UltraTax CS calculates and transfers items associated with the HIK-2 and HIK-3 screens to Schedule K. See the HIK-2 and HIK-3 screens for an additional list of these items.
note
Enter Hawaii amounts only when there is a difference between the Schedule K Attributable Everywhere amount and the Attributable to Hawaii Form N-20, Schedule K amount. If blank, the Attributable to Hawaii amount automatically defaults to the Attributable Everywhere Schedule K amount.
Income
UltraTax CS combines the guaranteed payments entered in the HIK, HIF, HI4835, and HIRent screens with the nondeductible guaranteed payments entered in the HIK screen to calculate the total guaranteed payments for Form N-20, Schedule K, line 4. UltraTax CS defaults the guaranteed payments to the profit sharing percentage for allocation purposes. Therefore, guaranteed payments don't need to be allocated separately unless a different allocation scheme is desired.
Ordinary income (loss)
Select Ptr Alloc to specially allocate the ordinary income or loss from Hawaii Form N-20, if the amount used an advanced allocation method on the federal return. If ordinary income or loss isn't specially allocated, UltraTax CS calculates the partners’ amounts based on the federal profit or loss sharing percentages.
Interest income
UltraTax CS automatically transfers interest income amounts from the federal K screen to these statements. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Dividend income
UltraTax CS automatically transfers dividend income amounts from the federal K screen to these statements. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Guaranteed payments - deductible
UltraTax CS automatically transfers deductible guaranteed payments for all activities to Schedule K, line 4. If the federal guaranteed payments amount entered for all activities is different for Hawaii purposes, enter the Hawaii amount here. UltraTax CS includes this amount in the calculation of Form N-20, Schedule K, line 4, column b.
If there are guaranteed payments from rent and royalty, farm or farm rental properties, make the changes on the corresponding the HIRent, HIF, or HI4835 screen. Use
Guaranteed payments - nondeductible
to modify the amount of federal nondeductible guaranteed payments.Guaranteed payments - nondeductible
Enter the nondeductible portion of guaranteed payments if the Hawaii amount is different from the amount entered in the federal K screen.
Other income (loss)
UltraTax CS automatically transfers amounts from the federal K screen to this statement. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
UltraTax CS adds the items entered in this statement with the following items to the statement for Form N-20, Schedule K, line 11, column b at print time:
- Farm income (loss), if specially allocated to partners
- Gains or losses from nondepreciable personal property
- Form 4684, lines 38a, 38b, and 39
- Mining exploration costs recapture
- Cancellation of debt
- Schedule D-1 income (loss), if specially allocated to partners
- Oil income, from the Oil & Gas module, that is specially allocated
- Qualified small business stock (section 1202)
- Taxes applicable to Hawaii ordinary income, if specially allocated to partners
- Depletion, if specially allocated to partners
- Hawaii ordinary income from N-20, Page 1, and Schedule F depreciation and amortization amounts (that were specially allocated and not reported within the associated activity)
- The deductible portion of entertainment expense applicable to ordinary income, if specially allocated to partners
- Section 1256 Contracts
Other portfolio income (loss)
UltraTax CS automatically transfers amounts from the federal K screen to this statement. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Mining exploration costs recapture
UltraTax CS automatically transfers mining exploration costs recapture entered in the federal K screen to Schedule K, line 11. Enter the mining exploration costs recapture if the Hawaii amount is different than the amount entered in the federal K screen. The amounts are included in Other income (loss) on line 11.
Cancellation of debt
UltraTax CS automatically transfers the cancellation of debt entered in the federal K screen to Schedule K, line 11. Enter the cancellation of debt costs if the Hawaii amount is different than the amount entered in the federal K screen. The amounts are included in Other income (loss) on line 11.
Nondepreciable personal property used in trade or business: Short-term / Long-term capital gain (loss)
Enter the amounts of short-term and long-term capital gains or losses attributable to nondepreciable personal property reported on Schedule D if the amount is different for Hawaii purposes. The amounts entered here are subtracted from the amounts on Hawaii Schedule D when transferred to Form N-20, Schedule K, lines 8 and 9, column b, and are included in Form N-20, Schedule K, line 11, column b, Other income (loss).
Taxes
If the tax amount entered in the federal Inc screen is different for Hawaii purposes, enter the Hawaii amount here. If specially allocated, UltraTax CS uses this amount to calculate Form N-20, Schedule K, line 11, column b. Hawaii taxes will need to be re-allocated if specially allocated on the federal return.
Depletion
If specially allocated, UltraTax CS automatically transfers depletion entered in the federal Inc screen as a negative amount to Schedule K, line 11, column b. Enter the depletion amount if the Hawaii amount is different than the amount entered in the federal K screen. Hawaii depletion will need to be re-allocated if specially allocated on the federal return.
Section 1256 contracts
UltraTax CS automatically transfers the section 1256 contracts and straddles from federal Form 6781, Part I to Schedule K, line 11. Enter the section 1256 contracts amount if the Hawaii amount is different than the amount entered in the federal K screen.
Form 4684 long-term: loss from trade / business property / loss from income producing property / gain
Select Ptr Alloc to specially allocate the amounts calculated on Hawaii Form 4684, Page 2. These amounts are automatically transferred from Hawaii 4684, Page 2 and included in Form N-20, line 11, column b, Other income (loss).
Schedule D-1 ordinary income (loss)
Enter the amount of Schedule D-1 ordinary income (loss) attributable to Hawaii. If this is blank, the amount defaults to the Attributable Everywhere amount on Form N-20.
Select Ptr Alloc to specially allocate the Hawaii Schedule D-1 income (loss). If specially allocated, UltraTax CS uses this amount to calculate Form N-20, Schedule K, line 11, column b. You'll need to be re-allocate Hawaii Schedule D-1 income or loss if Form 4797 income or loss was specially allocated on the federal return.
Qualified small business stock (section 1202)
Select Ptr Alloc to specially allocate the Qualified small business stock amount. UltraTax CS automatically includes these amounts in the printed statement and in the Other income (loss) total on Schedule K, line 11. Use the HID screen to enter the amount of qualified small business stock (section 1202).
Meals subject to 50% limit
If the meals subject to 50 percent limit amount entered in the federal Inc screen is different for Hawaii purposes, enter the Hawaii amount here. If specially allocated, UltraTax CS uses this amount to calculate Form N-20, Schedule K, line 11, column b. You'll need to re-allocate Hawaii meals subject to 50 percent limit if specially allocated on the federal return. See
Deductible meals
to specially allocate the deductible portion of meals to the partners.Meals subject to Department of Transportation 80% limit
If the meals subject to DOT 80 percent limit amount entered in the federal Inc screen is different for Hawaii purposes, enter the Hawaii amount here. If specially allocated, UltraTax CS uses this amount to calculate Form N-20, Schedule K, line 11, column b. You'll need to re-allocateHawaii meals subject to DOT 80 percent if specially allocated on the federal return. See
Deductible meals
to specially allocate the deductible portion of meals to the partners.Deductible meals
Select Ptr Alloc to specially allocate the total deductible meals amount entered in the HIK screen. If specially allocated, UltraTax CS uses this amount to calculate Form N-20, Schedule K, line 11, column b. You'll need to re-allocate Hawaii deductible meals if specially allocated on the federal return.