Hawaii Form 1065 (Schedule K-1) 2024-2025

Hawaii Form 1065 (Schedule K-1): What You Should Know

Partner's Share Tax (Form 4960) Hawaii Revised Forms If there is an item of income, credits, etc. that must be reported separately when a partnership tax return is prepared, complete Form 4960. If you have questions relating to the partnership partner partnership return to prepare, call the IRS at 1­202­922­5200 and refer the person to this Form: Hawaii Revised 1c. Hawaii Schedule K Deductions (1065) (Form 4960) This is the Partner's Share Tax (Form 4960); Enter your partnership deduction and tax item. Pay any additional tax due. If you had a partnership exemption, complete Form 4960-E; or If you did not have a partnership exemption, enter the amount (not more than 800,000) of reimbursed business-related Income Tax (F&A) you paid to the partner's company. This is your share of the tax. Enter information regarding the items to which income refers. Enter in column A the itemized Schedule B Line Item No. If you have not made any itemized deductions, in column B of Form 4960, complete the columns 1-3, 5, 6, or 7. If you are an individual, enter your income for the period beginning on your first day of employment as a partner with the company, beginning with your first day of employment and ending with the last day of the taxable year. In column, I, identify the line, item, or combination of items that were considered to be a tax paid by the member. For each item on the IRS Form 4966 reporting Partner's Share Tax (Form 4960) in excess of 800,000, enter the total amounts deducted for the tax paid. Explanation: a. Enter “1c” in column I. b.

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