Instructions for Form N-20 Partnership Return of Income - Hawaii

Form N-20 Schedule D Capital Gains and Losses - Hawaii

This document contains official instructions for Form N-20 , Partnership Return of Income - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-20 Schedule D is available for download through this link.

FAQ

Q: What is Form N-20?
A: Form N-20 is the Partnership Return of Income form for Hawaii.

Q: Who needs to file Form N-20?
A: Partnerships that conduct business or trade in Hawaii must file Form N-20.

Q: When is the deadline to file Form N-20?
A: The deadline to file Form N-20 is the 15th day of the 4th month following the close of the tax year.

Q: What information is required on Form N-20?
A: Form N-20 requires information about the partnership's income, deductions, credits, and other tax-related details.

Q: Are there any penalties for late filing of Form N-20?
A: Yes, there are penalties for late filing of Form N-20. It's important to file the form on time to avoid penalties and interest charges.

Q: Can Form N-20 be filed electronically?
A: Yes, Form N-20 can be filed electronically through the Hawaii Department of Taxation's e-filing system.

Q: Can I request an extension to file Form N-20?
A: Yes, you can request an extension to file Form N-20. However, you must still pay any taxes owed by the original due date.

Q: How do I calculate the partnership's income on Form N-20?
A: The partnership's income is calculated by subtracting deductible expenses from the total revenue.

Q: What if my partnership operates in multiple states?
A: If your partnership operates in multiple states, you may need to file additional state tax returns.

Q: Can I amend my Form N-20 if I make a mistake?
A: Yes, you can amend your Form N-20 if you make a mistake. You will need to file an amended return using Form N-20X.