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Hawaii Free Printable Form N-40, Rev. 2020, Fiduciary Income Tax Return for 2021 Hawaii Fiduciary Income Tax Return (Rev. 2016)

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Fiduciary Income Tax Return (Rev. 2016)
Form N-40, Rev. 2020, Fiduciary Income Tax Return

Clear Form STATE OF HAWAII—DEPARTMENT OF TAXATION FORM (REV. 2020) For calendar year FIDUCIARY INCOME TAX RETURN N-40 THIS SPACE FOR DATE RECEIVED STAMP 2020 or other tax year beginning _______________ , 2020   and ending __________________ , 20_____   Composite Qualified Funeral Trusts A Type of entity (see instr.): Decedent’s estate Simple trust Complex trust Qualified disability trust ESBT (S portion only) Grantor type trust Bankruptcy estate – Ch. 7 Bankruptcy estate – Ch. 11 Pooled income fund Number of Schedules K-1 Attached  Name of estate or trust (Grantor type trust, see Instructions)  FEIN  SSN  ITIN C  D Date entity created E Nonexempt charitable and split-interest trusts, check applicable boxes: Name and title of fiduciary Mailing Address of fiduciary (number and street)  Described in IRC section 4947(a)(1)  Not a private foundation B  Described in IRC section 4947(a)(2)   F Check   Initial return  Final Return  Amended Return (Attach Sch AMD)  NOL Carryback (Attach Sch AMD)   IRS Adjustment applicable  Change in fiduciary  Change in fiduciary’s name  Change in fiduciary’s address    Trust Name Change boxes:  G  Check here if the estate or filing trust made an IRC section 645(a) election and attach a copy of the federal form 8855.    City, State and Postal/ZIP Code. If foreign address, see Instructions. 1. 2. 3. Interest Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ordinary Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income or (losses) from partnerships, other estates or other trusts (Attach federal Schedule E) (See Instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Net rent and royalty income or (loss) (Attach federal Schedule E). . . . . . . . . . . . . . . . . . . . . . . . 5. Net business and farm income or (loss) (Attach federal Schedules C and F) . . . . . . . . . . . . . . . . . . . 6. Capital gain or (loss) (Attach Schedule D (Form N-40)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Ordinary gains or (losses) (From Schedule D-1, line 19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. Other income (State nature of income). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. Total income (Add lines 1 through 8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. Interest (Explain in Schedule C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. Taxes (Explain in Schedule C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. Fiduciary fees (Explain in Schedule C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. Charitable deduction (From Schedule A, line 6 or 7(c)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. Attorney, accountant and return preparer fees (Explain in Schedule C) . . . . . . . . . . . . . . . . . . . . . 15. Other deductions NOT subject to the 2% floor (Explain in Schedule C) . . . . . . . . . . . . . . . . . . . . . 16. Allowable miscellaneous itemized deductions subject to the 2% floor (Explain in Schedule C) . . . . . . . . . 17. Total (Add lines 10 through 16). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18. Line 9 minus line 17 (Complex trusts and estates also enter this amount on Schedule B, line 1) . . . . . . . . 19. Income distribution deduction (From Schedule B, line 17) (See Instructions) (attach Schedules K-1 (Form N-40)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20. Exemption ($400 for an estate; trusts see Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21. Total (Add lines 19 and 20). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  22. Taxable income of fiduciary (Line 18 minus line 21). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  DEDUCTIONS INCOME Please Sign Here •  ATTACH CHECK OR MONEY ORDER AND FORM N-4 HERE  •          1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 DECLARATION: I declare, under the penalties set forth in section 231-36, HRS, that this return (including any accompanying schedules or statements) has been examined by me and, to the best of my knowledge and belief, is a true, correct, and complete return, made in good faith, for the taxable year stated, pursuant to the Hawaii Income Tax Law, Chapter 235, HRS. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.    Signature of fiduciary or officer representing fiduciary Date Print or type name of fiduciary or officer representing fiduciary Title  May the Hawaii Department of Taxation discuss this return with the preparer shown below? (See page 1 of the Instructions)   Paid Preparer’s Information This designation does not replace Form N-848, Power of Attorney.   Yes    No Date Check if Preparer’s identification no. Preparer’s signature Print Preparer’s Name self-employed    Federal ä Firm’s name (or yours, E.I. No. if self-employed) Address and ZIP  Code Phone no. ä N40_I 2020A 01 VID01 ä  ID NO 01 FORM N-40 (REV. 2020) FORM N-40 (REV. 2020) Name as shown on return Page 2 Federal Employer Identification Number Schedule A — COMPUTATION OF CHARITABLE DEDUCTION (See Instructions for Schedule A) (Submit statement giving name and address of charitable organizations) 1. 2. 3. 4. 5. 6. 7. Amounts paid or permanently set aside for charitable purposes from current year’s gross income . . . . . . . (a) Tax exempt interest and other income nontaxable irrespective of source, allocable to charitable distribution. . . . . . . . . . . . . . . . . . . . . . . 2(a) (b) Income of a nonresident estate or trust nontaxable because it is derived from property owned outside Hawaii or other source outside Hawaii, allocable to charitable distribution. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2(b) (c) Total (Add lines 2(a) and 2(b)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance (Line 1 minus line 2(c)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enter the net short-term capital gain and the net long-term capital gain of the current tax year allocable to corpus paid or permanently set aside for charitable purposes. . . . . . . . . . . . . . . . . . . . . . . . . . Amounts paid or permanently set aside for charitable purposes from gross income of a prior year (See Instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total (Add lines 3, 4, and 5). Enter here and on page 1, line 13, IF TOTAL OF CHARITABLE DISTRIBUTIONS ARE TO BE USED EXCLUSIVELY IN HAWAII. In other cases, complete line 7. . . . . . . . . . . . . . . . . (a) Portion of line 6 amount which is to be used exclusively in Hawaii. . . . . . 7(a) (b) Portion of excess of line 6 amount over amount on line 7(a) which is within percentage limitations (See Instructions). . . . . . . . . . . . . . . . . . . 7(b) (c) Enter here and on page 1, line 13, the sum of lines 7(a) and (b). . . . . . . . . . . . . . . . . . . . . . . 1 2(c) 3 4 5 6 7(c) Schedule B — COMPUTATION OF INCOME DISTRIBUTION DEDUCTION (See Instructions for Schedule B) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. Enter amount from page 1, line 18, computed by using Schedule A, line 6 for page 1, line 13 (If loss, see Instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (a) Tax-exempt interest and other income nontaxable irrespective of source (as adjusted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2(a) (b) Nontaxable income of nonresident estate or trust from property owned outside Hawaii or other source outside Hawaii (as adjusted) . . . . . . . . . 2(b) (c) Add lines 2(a) and 2(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net gain shown on Schedule D (Form N-40), line 19, column (a) (If net loss, enter zero) . . . . . . . . . . . . Schedule A, line 4 plus line 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term capital gain, included on Schedule A, line 1 (See Instructions) . . . . . . . . . . . . . . . . . . . . Short-term capital gain, included on Schedule A, line 1 (See Instructions) . . . . . . . . . . . . . . . . . . . If the amount on page 1, line 6, is a capital loss, enter here as a positive figure. . . . . . . . . . . . . . . . . If the amount on page 1, line 6, is a capital gain, enter here as a negative figure . . . . . . . . . . . . . . . . Distributable net income (Combine lines 1 and 2c through 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount of income for the tax year determined under the governing instrument (accounting income) . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Amount of income required to be distributed currently (See Instructions). . . . . . . . . . . . . . . . . . . . . Other amounts paid, credited, or otherwise required to be distributed (See Instructions) . . . . . . . . . . . . Total distributions (Add lines 11 and 12). (If greater than line 10, see Instructions) . . . . . . . . . . . . . . . Enter the total amount of tax-exempt income included on line 13 . . . . . . . . . . . . . . . . . . . . . . . . . Tentative income distribution deduction (Line 13 minus line 14) . . . . . . . . . . . . . . . . . . . . . . . . . Tentative income distribution (Line 9 minus line 2(c)). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income distribution deduction. Enter the smaller of line 15 or line 16 here and on page 1, line 19 . . . . . . . 1 2(c) 3 4 5 6 7 8 9 11 12 13 14 15 16 17 FORM N-40 (REV. 2020) N40_I 2020A 02 VID01 ID NO 01 FORM N-40 (REV. 2020) Name as shown on return Page 3 Federal Employer Identification Number Schedule C — EXPLANATION OF DEDUCTIONS CLAIMED ON PAGE 1, LINES 10, 11, 12, 14, 15, and 16 (See Instructions. Attach a separate schedule if more space is needed.) Line No. Explanation Amount Schedule E - Nonrefundable Credits (Enter fiduciary’s share only on Schedule CR and attach to this form.) Schedule F - Refundable Credits (Enter fiduciary’s share only on Schedule CR and attach to this form.) Schedule G - Tax Computation 1 7. 8. 9. Tax on amount on page 1, line 22 (Use tax rate schedule or   Schedule D (Form N-40) . . . . . . . . . . . . (  Includes tax from Forms N-152, N-312, N-338, N-344, N-348, N-586, and section 641(c) tax. Attach appropriate Forms) (a) Enter amount from Schedule D (Form N-40), line 41. . . . . . . . . . . . . . . 1(a) Total Refundable Tax Credits from Schedule CR, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  ADJUSTED TAX LIABILITY — Line 1 minus line 2. If line 3 is zero or less, see Instructions.. . . . . . . . . . . . Total Nonrefundable Tax Credits from Schedule CR, line 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Difference — Line 3 minus line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OTHER (a) 2020 Estimated tax payments: N-201V N-288A 6(a) (b) Tax Withheld on Form N-4. (Attach Form N-4 to front of this return.). . . . 6(b) (c) Add line 6(a) and 6(b) . . . . . . . . . . . . . . . . . . . . . . . . 6(c) (d) Estimated tax payments allocated to beneficiaries (from N-40T) . . . . . . . . 6(d) CREDITS: (e) Line 6(c) minus line 6(d) . . . . . . . . . . . . . . . . . . . . . . 6(e) (f) Amount applied from 2019 return . . . . . . . . . . . . . . . . . . 6(f) (g) Payments with extension . . . . . . . . . . . . . . . . . . . . . . 6(g) Total (Add lines 6(e) through 6(g)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Penalty for underpayment of estimated tax. (See Instructions.) If Form N-210 is attached, check this box.    . . TAX DUE — If the total of lines 5 and 8 is larger than line 7, enter AMOUNT OWED. . . . . . . . . . . . . . . . 10. 11. 12. 13. 14. 15. PAYMENT AMOUNT — Send a check or money order payable to the “Hawaii State Tax Collector”. . . . . . . . . OVERPAYMENT — If line 7 is larger than the total of lines 5 and 8, enter AMOUNT OVERPAID. . . . . . . . . . Enter the amount of line 11 to be CREDITED to 2021 estimated tax . . . . . . . . . . . . . . . . . . . . . . . . Enter the amount of line 11 to be REFUNDED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount paid (overpaid) on original return — AMENDED RETURN ONLY (See Instructions). . . . . . . . . . . . BALANCE DUE (REFUND) with amended return (See Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 12 13 14 15 1. 2. 3. 4. 5. 6. 2 3 4 5 7 8 9 FORM N-40 (REV. 2020) N40_I 2020A 03 VID01 ID NO 01 FORM N-40 (REV. 2020) Name as shown on return Page 4 Federal Employer Identification Number ADDITIONAL INFORMATION REQUIRED YES NO 1. Was an income tax return filed for the preceding year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Was a final Hawaii individual income tax return filed for the decedent? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. (a) If a complex trust, is the trust making the election under IRC section 663(b)?. . . . . . . . . . . . . . . . . . . . . . . . .     If “Yes,” state amount  (b) If a complex trust, was there undistributed net income at the beginning of the year? . . . . . . . . . . . . . . . . . . . . . . 4. Is an election under IRC section 643(e)(3) being made? (Attach Schedule D (Form N-40)) . . . . . . . . . . . . . . . . . . . . 5. If a trust, was there an accumulation distribution?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes,” attach Schedule J (Form N-40) 6. Did the estate or trust receive tax-exempt income? (If “Yes,” enter amount $ _________________________ ). . . . . . . . . . . If “Yes,” did you deduct any expense allocable to it? (Attach a computation of the allocation of expenses) . . . . . . . . . . . 7. Did the estate or trust receive all or any part of the earnings (salary, wages, and other compensation) of any individual by reason of a contract assignment or similar arrangement?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. If return is for a trust, enter name and address of grantor: Name Address City/State and Postal/Zip Code 9. Is this the final return? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. Is this return for a short taxable year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. Did the estate or trust have any passive activity loss(es)? (If “Yes,” enter the amount of any such loss(es) on federal Form 8582, Passive Activity Loss Limitations, to figure the allowable loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FORM N-40 (REV. 2020) N40_I 2020A 04 VID01 ID NO 01
Extracted from PDF file 2020-hawaii-form-n-40.pdf, last modified September 2003

More about the Hawaii Form N-40 Corporate Income Tax Tax Return TY 2020

We last updated the Fiduciary Income Tax Return (Rev. 2016) in March 2021, so this is the latest version of Form N-40, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form N-40 directly from TaxFormFinder. You can print other Hawaii tax forms here.

Related Hawaii Corporate Income Tax Forms:

TaxFormFinder has an additional 164 Hawaii income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Hawaii Form N-40.

Form Code Form Name
Form N-40 Sch. D Capital Gains & Losses (Form N-40)
Form N-40 Sch. K1 Beneficiary's Share of Income, Deductions, Credits, etc
Form N-40 Sch. J Trust Allocation of an Accumulation Distribution
Form N-40 T Allocation of Estimated Tax Payments To Beneficiaries
Form N-405 Tax on Accumulation Distribution of Trusts

Download all HI tax forms View all 165 Hawaii Income Tax Forms


Form Sources:

Hawaii usually releases forms for the current tax year between January and April. We last updated Hawaii Form N-40 from the Department of Taxation in March 2021.

Show Sources >

Form N-40 is a Hawaii Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Hawaii Form N-40

We have a total of nine past-year versions of Form N-40 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form N-40

Form N-40, Rev. 2020, Fiduciary Income Tax Return

2019 Form N-40

Form N-40, Rev. 2019, Fiduciary Income Tax Return

2018 Form N-40

Instructions for Form N-40, and Scheudles A, B, C, D, E, F, G, J, and K-1 Fiduciary Income Tax Return

2017 Form N-40

Form N-40, Rev. 2017, Fiduciary Income Tax Return

2016 Form N-40

Form N-40, Rev. 2016, Fiduciary Income Tax Return

Forms 2015 - Fillable 2015 Form N-40

Form N-40, Rev. 2015, Fiduciary Income Tax Return

Forms 2014 - Fillable 2014 Form N-40

Form N-40, Rev. 2014, Fiduciary Income Tax Return

Forms 2012 - Fillable 2012 Form N-40

Form N-40, Rev. 2012, Fiduciary Income Tax Return

Forms 2011 - CD Fillable 2011 Form N-40

Form N-40, Rev. 2011, Fiduciary Income Tax Return


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