Hawaii Form 1040 (Schedule F) 2024-2025

Hawaii Form 1040 (Schedule F): What You Should Know

The Farm Income Line is for the “total income received or accrued from the farm business of the taxpayer,” which includes the income from the operation of the farm.  The Schedule F Line for the State line includes your income from the State and Federal governments, but not income from the real property (ranch) that is used to conduct farming operations. This is because these items are subject to state income tax and not any “federal” taxes. So, instead, a property is deemed as your farmland for the purpose of income tax filing. This line is in Column A. In addition to the taxable farm income, Schedule F also includes your other income (not from the property itself), such as interest and dividends received from the bank on your bank account, rents received from the real property you own or rent, interest and dividends paid to related members of your family, Social Security benefits, and the purchase of a boat, a car, or other property. The Hawaii County Line is where your personal income from work from a local business is computed. For example, your wages and gross revenue received from that business are reported. State and Federal taxes: These two lines provide the full amounts needed to compute your federal and state taxes, depending on your filing status. Schedule F is used to calculate these taxes, and the Hawaii line only includes your state taxes. So, for example, if you are a nonresident for only part of the year, and you use Schedule F, see Hawaii Income Tax for more information. The following questions are important when compiling a Schedule F for the entire year, or if you are a nonresident for part of the year: If you use Schedule F, is it important to combine the Income and Other Deductions items for each year, or combine them separately? What must I do if I have the same income from two or more farms? What if I'm a nonresident for part of the year and use a separate Schedule F for each year? Does it matter whether my Schedule F total is different from the total I would have reported on the federal-Hawaii-federal income tax return if combined? Where is the Line for Capital Gains on Real Estate Property? The line for “Capital Gains on Real Estate Property” is useful for determining the taxable gain for purposes of determining your federal income tax.

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