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Hawaii Free Printable Schedule J, form N-40, Rev. 2021, Trust Allocation of an Accumulation Distribution for 2022 Hawaii Trust Allocation of an Accumulation Distribution

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Trust Allocation of an Accumulation Distribution
Schedule J, form N-40, Rev. 2021, Trust Allocation of an Accumulation Distribution

Clear Form SCHEDULE J FORM N-40 (REV. 2021) STATE OF HAWAII — DEPARTMENT OF TAXATION TRUST ALLOCATION OF AN ACCUMULATION DISTRIBUTION 2021 File with Form N-40 N40SCHJ_I 2021A 01 VID01 See federal Instructions for Form 1041, Schedule J and Form N-40 Instructions For domestic complex trusts with tax year beginning ________________________ and ending ________________________ and which distributed income accumulated in earlier years Name of trust Part I Federal Employer I.D. No. Accumulation Distribution in 2021 1. Other amounts paid, credited, or otherwise required to be distributed for 2021 (from Schedule B (Form N-40), line 12)............................................................................................................... 2. Distributable net income for 2021 (from Schedule B (Form N-40), line 9)..................... 2 3. Income required to be distributed currently for 2021 (from Schedule B (Form N-40), line 11)................................................................................... 3 4. Line 2 minus line 3. If line 3 is more than line 2, enter zero.......................................................................................... 4 5. Accumulation distribution for 2021 (Line 1 minus line 4)............................................................................................... Part II 1 5 Ordinary Income Accumulation Distribution (Enter the applicable throwback years below.) If the distribution is thrown back to more than five years (starting with the earliest applicable tax year beginning after 1968), attach additional schedules. 6. Enter Distributable Net Income as determined under the governing ­instrument (Accounting Income)............ 6 7. Distributions — Enter line 13, Schedule B, Form N-40, and comparable lines for each throwback year ...................................................... Throwback year ending Throwback year ending Throwback year ending Throwback year ending Throwback year ending 7 8. Line 6 minus line 7................................ 8 9. Enter amount from line 25, Part III........ 9 10. Undistributed net income — Line 8 minus line 9........................................... 10 11. Enter amount of prior accumulation distributions thrown back to any of these years............................................ 11 12. Line 10 minus line 11............................. 12 13. Allocate amount on line 5 to earliest applicable year first, but not more than line 12 for the same year....................... 13 14. Divide line 13 by line 10 and multiply result by amount on line 9..................... 14 15. Add lines 13 and 14............................... 15 16. Tax-exempt interest included on line 13 — Divide line 15 by line 6 and multiply result by line 2(c), Schedule B (Form N-40), or equivalent for applicable throwback year..................... 16 17. Line 15 minus line 16............................ 17 ID NO 01 SCHEDULE J (FORM N-40) SCHEDULE J FORM N-40 (REV. 2021) Part III PAGE 2 Taxes Imposed on Undistributed Net Income (Enter the applicable throwback years below.) If the trust received an accumulation distribution from another trust, see federal Regulations section 1.665(d)-1A. Throwback Throwback Throwback Throwback If more than five throwback years are involved, year ending year ending year ending year ending attach additional schedules. 18. Tax — Enter the amount from line 1, Schedule G of Form N-40), and comparable lines for each throwback year ...................................................... Throwback year ending 18 19. Net short term gain — Enter the smaller of the amount from line 15, col. (b), or line 17, col. (b), Schedule D (Form N-40) and comparable lines for each throwback year............................. 19 20. Net long term gain — Enter the smaller of line 16 or 17, column (b), Schedule D (Form N-40), and comparable lines for each throwback year........................ 20 21. Total net capital gain — Add lines 19 and 20, if net loss, enter zero................ 21 22. Taxable income — Enter the amount from line 22, page 1, of Form N-40, and comparable lines for each throwback year...................................... 22 23. Enter percent — Divide line 21 by line 22, but not more than 100%.................. 23 24. Multiply amount on line 18 by percentage on line 23............................ 24 25. Tax on undistributed net income — Line 18 minus line 24. Enter here and on page 1, line 9.................................... 25 Part IV Allocation to Beneficiary — Be sure to complete Form N-405, Tax on Accumulation Distributions of Trusts. Complete Part IV for each beneficiary. If the accumulation distribution is allocated to more than one beneficiary, attach an additional Schedule J with Part IV completed for each additional beneficiary. If more than five throwback years are involved, attach additional schedules. Beneficiary’s name Beneficiary’s Mailing Address (number and street; apartment number or rural route) City, town, or post office, State, and Postal/ZIP Code Identifying number (a) This beneficiary’s share of line 13 (b) This beneficiary’s share of line 14 (c) This beneficiary’s share of line 16 26. Throwback year ending_____________ .............................................................. 26 27. Throwback year ending_____________ .............................................................. 27 28. Throwback year ending_____________ .............................................................. 28 29. Throwback year ending_____________ .............................................................. 29 30. Throwback year ending_____________ .............................................................. 30 31. Total. (add amounts on lines 26 through 30) Enter here and on the appropriate lines of Form N-405........................................ 31 SCHEDULE J FORM N-40
Extracted from PDF file 2021-hawaii-form-n-40-sch-j.pdf, last modified September 2003

More about the Hawaii Form N-40 Sch. J Corporate Income Tax TY 2021

We last updated the Trust Allocation of an Accumulation Distribution in February 2022, so this is the latest version of Form N-40 Sch. J, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form N-40 Sch. J 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 Sch. J.

Form Code Form Name
Form N-40 Fiduciary Income Tax Return (Rev. 2016)
Form N-40 Sch. K1 Beneficiary's Share of Income, Deductions, Credits, etc
Form N-40 T Allocation of Estimated Tax Payments To Beneficiaries
Form N-40 Sch. D Capital Gains & Losses (Form N-40)
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 Sch. J from the Department of Taxation in February 2022.

Show Sources >

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 Sch. J

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


2021 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2021, Trust Allocation of an Accumulation Distribution

2020 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2020, Trust Allocation of an Accumulation Distribution

2019 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2019, Trust Allocation of an Accumulation Distribution

2018 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2018, Trust Allocation of an Accumulation Distribution

2017 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2017, Trust Allocation of an Accumulation Distribution

2016 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2016, Trust Allocation of an Accumulation Distribution

Forms 2015 2015 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2015, Trust Allocation of an Accumulation Distribution

Forms 2014 2014 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2014, Trust Allocation of an Accumulation Distribution

Forms 2012 2012 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2012, Trust Allocation of an Accumulation Distribution

Forms 2010 2011 Form N-40 Sch. J

Schedule J, form N-40, Rev. 2010, Trust Allocation of an Accumulation Distribution


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