Hawaii Trust Allocation of an Accumulation Distribution

Trust Allocation of an Accumulation Distribution
Schedule J, form N-40, Rev. 2022, Trust Allocation of an Accumulation Distribution
Clear Form

SCHEDULE J
FORM N-40
(REV. 2023)

STATE OF HAWAII — DEPARTMENT OF TAXATION

TRUST ALLOCATION OF AN
ACCUMULATION DISTRIBUTION

2023

File with Form N-40

N40SCHJ_I 2023A 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 2023

1.	

Other amounts paid, credited, or otherwise required to be distributed for
2023 (from Schedule B (Form N-40), line 12)............................................................................................................... 	

2.	

Distributable net income for 2023 (from Schedule B (Form N-40), line 9).....................	2

3.	

Income required to be distributed currently for 2023 (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 2023 (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. 2023)		

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