Drake Tax – 2024 Form Availability and Tax Changes: Hawaii
Article #: 20013
Last Updated: December 18, 2024
The following Hawaii forms are supported in Drake Tax 2024. HI forms cannot be e-signed.
| Form | Description | IND | CRP | SCRP | PTR | FID |
|---|---|---|---|---|---|---|
| HI4562 | Depreciation and Amortization | t | t | t | t | t |
| N-103 | Sale of Your Home | t | ||||
| N-11 | Individual Income Tax Return Resident / N-110 – Statement of Person Claiming Refund Due | t | ||||
| N-139 | Moving Expenses | t | ||||
| N-15 | Individual Income Tax Return Nonresident and Part-Year Resident | t | ||||
| N-152 | Tax on Lump-Sum Distributions | t | t | |||
| N-158 | Investment Interest Expense Deduction | t | t | |||
| N-163 | Fuel Tax Credit for Commercial Fishers | t | t | t | t | t |
| N-168 | Income Averaging for Farmers and Fishermen | t | ||||
| N-20 | Partnership Return of Income | t | ||||
| N-200V | Individual Income Tax Payment Voucher | t | ||||
| N-201V | Business Income Tax Payment Voucher | t | t | t | t | |
| N-210 | Underpayment of Estimated Tax by Individuals, Estates, and Trusts | t | t | |||
| N-220 | Underpayment of Estimated Tax by Corporations and S Corporations | t | t | |||
| N-30 | Corporation Income Tax Return | t | ||||
| N-311 | Refundable Food/Excise Tax Credit | t | ||||
| N-312 | Capital Goods Excise Tax Credit | t | t | t | t | t |
| N-323 | Carryover of Tax Credits | t | t | t | ||
| N-325 | Historic Preservation Income Tax Credit | t | t | t | t | t |
| N-330 | Credit for School Repair and Maintenance | t | t | t | t | t |
| N-338 | Recapture of Tax Credit for Flood Victims | t | t | t | t | t |
| N-340 | Motion Picture, Digital Media, and Film Production Income Tax Credit | t | t | t | t | t |
| N-342 | Renewable Energy Technologies Income Tax Credit | t | t | t | t | t |
| N-342A | Information Statement Concerning Renewable Energy Technologies Income Tax Credit | t | t | t | t | t |
| N-344 | Important Agricultural Land Qualified Agricultural Cost Tax Credit | t | t | t | t | t |
| N-346 | Tax Credit for Research Activities | t | t | t | t | t |
| N-348 | Capital Infrastructure Tax Credit | t | t | t | t | t |
| N-35 | S Corporation Income Tax Return | t | ||||
| N-356 | Earned Income Tax Credit | t | ||||
| N-358 | Healthcare Preceptor Income Tax Credit | t | ||||
| N-360 | Renewable Fuels Production Tax Credit | t | t | t | t | t |
| N-360 | Renewable Fuel Production Tax Credit (tax years beginning after 12/31/2021) | t | t | t | t | t |
| N-362 | Pass-Through Entity Tax Credit | t | t | t | t | |
| N-362E | Pass-Through Entity Tax Election | t | t | |||
| N-4 | Statement of Withholding for a Nonresident Shareholder of an S Corporation | t | ||||
| N-40 | Fiduciary Income Tax Return | t | ||||
| N-405 | Tax on Accumulation Distribution of Trusts | t | ||||
| N-40T | Allocation of Estimated Tax Payments to Beneficiaries | t | ||||
| N-586 | Tax Credit for Low-Income Housing | t | t | t | t | t |
| N-615 | Computation of Tax for Children Under Age 14 Who Have Unearned Income of More than $1,000 | t | ||||
| N-756 | Enterprise Zone Tax Credit | t | t | t | t | t |
| N-814 | Parent's Election to Report Child's Interest and Dividends | t | ||||
| N-848 | Power of Attorney | t | t | t | t | t |
| N-884 | Credit for Employment of Vocational Rehabilitation Referrals | t | t | t | t | t |
| Schedule AMD | Explanation of Changes on Amended Return | t | t | t | t | t |
| Schedule CR | Schedule of Tax Credits | t | t | t | ||
| Schedule D (N-20) | Capital Gains and Losses | t | ||||
| Schedule D (N-30/N-70NP) | Capital Gains and Losses | t | ||||
| Schedule D (N-35) | Capital Gains and Losses and Built-in Gains | t | ||||
| Schedule D (N-40) | Capital Gains and Losses | t | ||||
| Schedule D-1 | Sales of Business Property | t | t | t | t | t |
| Schedule J (N-11/N-15/N-40) | Supplemental Annuities Schedule | t | t | |||
| Schedule K-1 (N-20) | Partner's Share of Income, Credits, Deductions, etc. | t | t | |||
| Schedule K-1 (N-35) | Shareholder's Share of Income, Credits, Deductions, etc. | t | t | |||
| Schedule K-1 (N-40) | Beneficiary's Share of Income, Deductions, Credits, etc. | t | ||||
| Schedule O (N-20/N-30) | Allocation and Apportionment of Income | t | t | |||
| Schedule P (N-20/N-30) | Computation of Apportionment Factors | t | t | |||
| Schedule PTE | Pass-Through Entity Tax Calculation | t | t | |||
| Schedule PTE-U | Upper-Tier Pass-Through Entity Tax Credit Allocation | t | t | |||
| Schedule X (N-11/N-15) | Tax Credits for Hawaii Residents | t |
Tax Law Changes
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Hawaii conforms the income tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2023, and applies to taxable years beginning after December 31, 2023.
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For the 2024 taxable year beginning after December 31, 2023, the individual income tax standard deduction amounts were increased for the following filing statuses: Single or Married Filing Separate to $4,400, Head of Household to $6,424, and Married Filing Jointly or Qualified Surviving Spouse to $8,800.
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Taxpayers may exclude up to $8,082 of their military reserve or Hawaii National Guard duty pay from their income, effective for taxable years beginning after December 31, 2023.
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The Pass-Through Entity (PTE) tax credit has been amended for taxable years beginning after December 31, 2023 by (1) adding a definition for “qualified member;” (2) repealing the definition for “direct member” and “indirect member;” (3) amending the PTE level tax rate to 9%; and (4) amending the credit by allowing certain qualified members to use the credit against their net income tax liability in subsequent years until exhausted.