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pwin
New Member

I am a California resident. I received a K-1 from a Hawaii investment, do I file a tax return in Hawaii just for this, or do I include this in my california tax return?

 
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1 Reply
TerryA
Intuit Alumni

I am a California resident. I received a K-1 from a Hawaii investment, do I file a tax return in Hawaii just for this, or do I include this in my california tax return?

Your resident state (Calif for you) gets to tax all of your income regardless of where it comes from so your TT/Calif return already has the federal K-1 income/loss included. Unless there is a Calif difference with one or more federal K-1 $$ items you don't have to do anything else in TT/Calif for this.

If the HI income is of the sort that it is "HI-source" - meaning from a business there; rental property there; etc. - then you owe HI a nonresident return if the income is high enough to meet the filing requirement. The HI income requirements for nonresidents is on page 4 of the Form N-15 instructions: http://files.hawaii.gov/tax/forms/2015/n15ins.pdf

Note that you should not allocate to HI any intangible income on the K-1 such as interest, dividends, gains/losses on stock sales and things of that nature. Only business/rental/etc. income should be allocated to HI.

If you prepare the HI nonresident return, do that first, then the TT/Calif return so TT/Calif can prepare the other state tax credit for some or all of the HI tax on the K-1 that Calif is taxing also.





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