Hawaii Form 1041 (Schedule K-1) 2024-2025

Hawaii Form 1041 (Schedule K-1): What You Should Know

The other columns show amounts from your Hawaii Schedule K-1 (Form N-40), Beneficiary's Share of Income, Deductions, Credits, etc., and other amounts from other sources. The line numbers on the form are based on the information the IRS provides. The instructions for Form 1041 and the Forms from other parties provide further instructions, but are not required before or after you fill out these forms. For those filers who received Schedule K-1 on or before May 2, 2018, if your Forms K–1 (Form 1041) and Schedule K-1 (Form 1040), and your Schedule K-1 (Form 1041) and Schedule K-1 (Form 1040) are identical, complete the Form 1041 and Schedules K-1 in the same order. However, for the 2025 and later years, you can fill the Schedule K–1 and Schedules K-1 as the order you filled them in, and you are not required to update your Forms K-1 with the information in the later years. The order of your Schedule K–1 (Form 1041) and Schedules K-1 (Form 1040) is not binding in all situations, but should provide the information for the computation of filing income taxes if you are not sure. The information in the schedule will change, but the total income tax is the same as for 2025 unless the 2025 income tax return indicates a different amount. Schedule K-1 (Form 1041) Schedule K-1 (Form 1041), column (b), is identical if you received both Forms 1041 and Schedules K-1 (Form 1040) in 2018. However, Schedule K–1 will be identical if the 2025 federal tax return indicates higher tax. If the 2025 income tax return indicates an actual tax, the amount reported from that tax return should be used, so that your taxes are exactly the same as in the previous year if all of your deductions and credits are used. The tax that is calculated under this schedule is the amount reported with an asterisk. Your Schedule K–1 (Form 1041) will also be identical if the person filing the Schedule K–1 (Form 1041) is the same person who filed the Form(s) and Schedule(s) that are being entered on the Form 1040.

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