Form N-40 - Schedule K-1 - Beneficiaries Share Of Income, Deductions, Credits, Etc. - 2014 Page 2
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1
2SCHEDULE K-1
(FORM N-40)
(REV. 2014)
PAGE 2
Instructions for Beneficiary Filing Form N-11 or Form N-15
Caution: The limitations on passive activity losses under IRC section 469
Important Notes
apply to estates and trusts. Federal rules for treating a beneficiary’s income
and directly allocable deductions from an estate or trust, and other rules for
For Form N-11 filers, if your federal Schedule K-1 (Form 1041) and
applying the passive loss limitations to beneficiaries have not been finalized.
Hawaii Schedule K-1 (Form N-40) amounts are different, the necessary
These rules will be provided in future federal regulations.
adjustments are to be made on the Hawaii Additions Worksheet and/or the
Hawaii Subtractions Worksheet in the Form N-11 Instructions
Line 7a. Total cost of qualifying property for the Capital Goods Excise
Tax Credit. — Figure your credit on Form N-312
All worksheets referenced below are located in the Form N-15 Instructions
Line 7b. Low-Income Housing Tax Credit. — Figure your credit on Form
General Instructions
N-586
Name, Address, and Identifying Number. — Your name, address, and
Line 7c. High Technology Business Investment Tax Credit. — Figure
identifying number, the estate or trust name, address, and identifying
your credit on Form N-318
number should have been entered on the Schedule K-1 you received
Line 7d. Tax Credit for Research Activities. — Figure your credit on Form
Errors. — If you believe the estate or trust has made an error on your
N-346
Schedule K-1, notify the fiduciary of the estate or trust and ask for a
corrected Schedule K-1 Do not change any items on your copy Be sure
Lines 8a through 8d. Deductions in the final year of trust or decedent’s
that the estate or trust sends a copy of the corrected Schedule K-1 to the
estate. — If the fiduciary checked the “Final K-1” box at the top, you may
Hawaii Department of Taxation
be allowed to deduct excess deductions from the final year of the trust or
decedent’s estate and certain unused carryovers (subject to limitations) on
Specific Instructions
your individual income tax return
Nonresident beneficiary see instructions for lines 10 through 13 below
Line 9a. — For purposes of computing any underpayment and penalty on
Form N-210, Underpayment of Estimated Tax by Individuals and Fiduciaries,
Line 1. Interest. — Report the amount from line 1 (Schedule K-1) on your
you should treat the amount entered on line 9a as an estimated tax payment
Interest Worksheet
made on January 20, 2015
Attach a copy of this Schedule K-1 to the
Hawaii income tax return you file to substantiate your credit
Line 2. Dividends. — Report the amount from line 2 (Schedule K-1) on
Form N-15, line 9
Line 9c. — If you are claiming other credits that are not listed in lines 7a
through 7d, report them on line 9c
Lines 3a and 3b. Capital Gains. — Report the amount from line 3a
(Schedule K-1) on your Capital Gain/Loss Worksheet, line 2 Report the
Lines 10 through 13
amount from line 3b, (Schedule K-1) on your Capital Gain/Loss Worksheet,
line 10
If there is an attachment to this Schedule K-1 that reports a
Nonresident Beneficiary. — Lines 10 through 13 reflect the total interest,
disposition of a rental, rental real estate, or passive business activity, see
dividends, other intangible income, and capital gains or (losses) from the
the instructions for federal Form 8582 for information on the treatment of
sale of intangibles not subject to tax in Hawaii
disposition of interests in a passive activity
Section 235-4 5(a), Hawaii Revised Statutes (HRS), excludes from gross
Lines 5a through 5d. — Internal Revenue Code (IRC) section 469 provides
income any intangible income, such as dividends and interest, earned by a
rules that limit deductions and credits derived from passive activities to the
trust sited in the State to the extent that, during the taxable year of the trust,
income derived from passive activities and the tax imposed on any net
the beneficial interest in the trust is held by a nonresident beneficiary or
income from such activities A trade or business activity in which you, as
nonresident beneficiaries This exclusion does not apply to income received
beneficiary of an estate or trust, do not materially participate is a passive
from real property held in a land trust formed under Chapter 558, HRS
activity
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