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Hawaii Free Printable Form N-40T Rev 2021 Allocation of Estimated Tax Payments to Beneficiaries for 2022 Hawaii Allocation of Estimated Tax Payments To Beneficiaries

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Allocation of Estimated Tax Payments To Beneficiaries
Form N-40T Rev 2021 Allocation of Estimated Tax Payments to Beneficiaries

Clear Form STATE OF HAWAII — DEPARTMENT OF TAXATION FORM N-40T (REV. 2021)   ALLOCATION OF ESTIMATED TAX PAYMENTS TO BENEFICIARIES (Under Internal Revenue Code (IRC) section 643(g)) or fiscal year beginning           , 2021, and ending           , 20   Name of trust (or decedent’s estate) Fill in Fiduciary’s Name and Address Only If You Are Filing This Form Separately and Not With Form N-40 TAX YEAR 2021 N40T_I 2021A 01 VID01 Federal Employer Identification Number Name and title of fiduciary Telephone number (optional) Mailing Address (number and street) City, State, and Postal/ZIP Code If you are filing this form for the final year †  of the estate or trust, check this box    1 Total amount of estimated taxes to be allocated to beneficiaries. Enter here and on Form N-40, Schedule G, line 6(d)....................................................................................... † $ 2 Allocation to beneficiaries: (c) (d) (e) (a) (b) Beneficiary’s identifying Amount of estimated tax Proration No. Beneficiary’s name and mailing address number payment allocated to beneficiary percentage 1 ------------------------------------------------------------------------------------------------------------------------------ % 2 ------------------------------------------------------------------------------------------------------------------------------ % 3 ------------------------------------------------------------------------------------------------------------------------------ % 4 ------------------------------------------------------------------------------------------------------------------------------ % 5 ------------------------------------------------------------------------------------------------------------------------------ % 6 ------------------------------------------------------------------------------------------------------------------------------ % 7 ------------------------------------------------------------------------------------------------------------------------------ % 8 ------------------------------------------------------------------------------------------------------------------------------ % 9 ------------------------------------------------------------------------------------------------------------------------------ % 10 ------------------------------------------------------------------------------------------------------------------------------ % 11 ------------------------------------------------------------------------------------------------------------------------------ % 12 ------------------------------------------------------------------------------------------------------------------------------ % 13 ------------------------------------------------------------------------------------------------------------------------------ % 14 ------------------------------------------------------------------------------------------------------------------------------ % 15 ------------------------------------------------------------------------------------------------------------------------------ % 3 Total from additional sheet(s)................................................................................................... 3 4 Total amounts allocated (Must equal line 1, above.)................................................................ 4 Sign Here Only If You Are Filing This Form Separately and Not with Form N-40 Under penalties set forth in section 231-36, HRS, I declare that I have examined this allocation, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. † Signature of fiduciary or officer representing fiduciary ID NO 01 Date FORM N-40T INSTRUCTIONS FORM N-40T (REV. 2021) General Instructions Specific Instructions Purpose of Form Address A trust or, for its final tax year, a decedent’s estate may elect under IRC section 643(g) to have any part of its estimated tax payments treated as made by a beneficiary or beneficiaries. The fiduciary files Form N-40T to make the election. Once made, the election is irrevocable. Include the suite, room, or other unit number after the street address. If the post office does not deliver mail to the street address and the fiduciary has a P.O. Box, show the box number instead of the street address. If the fiduciary’s address is outside the United States or its possessions or territories, enter the information on the line for “City or town, State and Postal/ZIP Code” in the following order: city, province or state, postal code, and the name of the country. Do not abbreviate the country name. How to File Attach Form N-40T to Form N-40 only if you are making the election with Form N-40, Fiduciary Income Tax Return. Otherwise, file Form N-40T separately. When to File For the election to be valid, a trust or decedent’s estate must file Form N40T by the 65th day after the close of the tax year as shown at the top of the form. For a 2021 calendar year trust or decedent’s estate, that date is March 6, 2022. If the due date falls on a Saturday, Sunday, or holiday, file on the next business day. If Form N-40T is not timely filed, the estimated tax payments cannot be used by the beneficiaries. Period Covered File the 2021 form for calendar year 2021 and fiscal years beginning in 2021 and ending in 2022. If the form is for a fiscal year or a short tax year, fill in the tax year space at the top of the form. Where to File Form N-40T must be mailed to: Hawaii Department of Taxation Attn: Account Management Section P. O. Box 259 Honolulu, HI 96809-0259 Line 1 Enter the amount of estimated tax payments made by the trust or decedent’s estate that the fiduciary elects to treat as a payment made by the beneficiaries. This amount is treated as if paid or credited to the beneficiaries on the last day of the tax year of the trust or decedent’s estate. Be sure to include it on Form N-40, Schedule G, line 6(d). Line 2 Column (b) –– Beneficiary’s name and mailing address. Group the beneficiaries to whom you are allocating estimated tax payments into two categories. First, list all the individual beneficiaries (those who have social security numbers (SSNs)). Then, list all the other beneficiaries. Column (c) –– Beneficiary’s identifying number. For each beneficiary, enter the SSN (for individuals) or federal employer identification number (FEIN) (for all other entities). Failure to enter a valid SSN or FEIN may cause a delay in processing and could result in penalties being imposed on the beneficiary. Page 2 For those beneficiaries who file a joint return, you can assist the Department of Taxation in crediting the proper account by also providing the SSN, if known, of the beneficiary’s spouse. However, this is an optional entry. Column (d) –– Amount of estimated tax payment allocated to beneficiary. For each beneficiary, also enter this amount on Schedule K-1 (Form N-40), line 9a. Column (e) –– Proration percentage. For each listed beneficiary, divide the amount shown in column (d) by the amount shown on line 1 and enter the result as a percentage. Line 3 If you are allocating a payment of estimated taxes to more than 15 beneficiaries, list the additional beneficiaries on an attached sheet that follows the format of line 2. Enter on line 3 the total from the attached sheet(s). Line 4 Total the amounts in line 2, column (d), and line 3. This amount must equal line 1.
Extracted from PDF file 2021-hawaii-form-n-40-t.pdf, last modified September 2003

More about the Hawaii Form N-40 T Corporate Income Tax Estimated TY 2021

We last updated the Allocation of Estimated Tax Payments To Beneficiaries in February 2022, so this is the latest version of Form N-40 T, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form N-40 T 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 T.

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 Sch. D Capital Gains & Losses (Form N-40)
Form N-40 Sch. J Trust Allocation of an Accumulation Distribution
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 T from the Department of Taxation in February 2022.

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Form N-40 T is a Hawaii Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

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 T

We have a total of ten past-year versions of Form N-40 T 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 T

Form N-40T Rev 2021 Allocation of Estimated Tax Payments to Beneficiaries

2020 Form N-40 T

Form N-40T Rev 2020 Allocation of Estimated Tax Payments to Beneficiaries

2019 Form N-40 T

Form N-40T Rev 2019 Allocation of Estimated Tax Payments to Beneficiaries

2018 Form N-40 T

Form N-40T Rev 2018 Allocation of Estimated Tax Payments to Beneficiaries

2017 Form N-40 T

Form N-40T Rev 2017 Allocation of Estimated Tax Payments to Beneficiaries

2016 Form N-40 T

Form N-40T Rev 2016 Allocation of Estimated Tax Payments to Beneficiaries

Forms 2015 2015 Form N-40 T

Form N-40T Rev 2015 Allocation of Estimated Tax Payments to Beneficiaries

Forms 2014 2014 Form N-40 T

Form N-40T Rev 2014 Allocation of Estimated Tax Payments to Beneficiaries

Forms 2012 2012 Form N-40 T

Form N-40T Rev 2012 Allocation of Estimated Tax Payments to Beneficiaries

Forms 2010 2011 Form N-40 T

Form N-40T Rev 2010 Allocation of Estimated Tax Payments to Beneficiaries

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