Hawaii K-1 (Form N-35) reports a pass-through entity's share of income, deductions, and state adjustments specifically for Hawaii filing. These forms often include detailed breakdowns of income from sources like interest, dividends, ordinary business income, and net rental real estate income, as well as various deductions and credits pertinent to Hawaii tax law. The inherent variations in layout and the extensive footnotes across different Hawaii K-1 (Form N-35) documents, which frequently differ based on the preparer and software used, can significantly impede the review process for tax professionals as they manually extract and reconcile data. Abacus automates and streamlines this by extracting all pertinent fields from Hawaii K-1 (Form N-35) PDFs and normalizing them into standardized Excel workbooks. This comprehensive process includes meticulously handling Hawaii-specific federal and state add-backs, various tax credits applicable in the state, and granular ownership detail, ensuring a clean and efficient import directly into tax preparation software such as CCH or GoSystem.
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