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Hawaii Form 1024: What You Should Know

This is not strictly an “income tax” question but rather provides the organization  with an IRS exemption.  For details about Form 1024, Applications for Recognition of Exemption, see the related information in  the instructions. Download Instructions for Form 1024, Application for Recognition of Exemption Under Section 501 (a (Inst 1024) — Internal Revenue  Service (IRS) (United States) (Form 1024 in Spanish). This form must be filed within 5 years from the date of incorporation of the entity.  The organization is considered a “tax-exempt” organization under Section 501(a)(3) of the Internal Revenue Code of 1986. If you filed Form 1023, there is no tax due until the tax-exempt  organization is notified that it is no longer exempt.  If the organization's total income after-tax from operations is less than 50,000 for calendar  year 2023 (or 200,000 for previous years), then the organization must pay a fee to  the IRS to be placed on IRS Form 5329 (Notice of Assessment), Schedule G, for processing under  the Internal Revenue Code. Individuals, partnerships and other tax-exempt entities may be entitled by law (state or federal) to: • A refund of up to 100,000; • A tax balance of 25 or less (not from operations); • A claim of tax exemption for all income included on  the return; and • A tax deduction for expenses. • A refund of property interest, interest or dividends paid after the organization has been recognized as • A claim of tax exemption for all income included on the return; and • Tax deduction for items for which one or more deductions can be claimed. (see section below) • A claim of tax exemption for all income including taxable interest on capital loans and income from investment trusts and trusts of trusts. • A tax balance of more than 25,000 and less than 100,000. The IRS has provided a number of forms so that you can determine what tax relief to apply.

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