Hawaii Allocation of Estimated Tax Payments To Beneficiaries

Allocation of Estimated Tax Payments To Beneficiaries
Form N-40T (Rev. 2022) Allocation of Estimated Tax Payments to Beneficiaries
Clear Form
STATE OF HAWAII — DEPARTMENT OF TAXATION

FORM

N-40T
(REV. 2023)

  ALLOCATION OF ESTIMATED TAX
PAYMENTS TO BENEFICIARIES
(Under Internal Revenue Code (IRC) section 643(g))

or fiscal year beginning           , 2023, 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

2023

N40T_I 2023A 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		

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%

5		 ------------------------------------------------------------------------------------------------------------------------------

%

6		

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%

7		 ------------------------------------------------------------------------------------------------------------------------------

%

8		 ------------------------------------------------------------------------------------------------------------------------------

%

9		 ------------------------------------------------------------------------------------------------------------------------------

%

10		

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%

11		 ------------------------------------------------------------------------------------------------------------------------------

%

12		

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%

13		

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%

14		

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%

15		

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%

	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 (REV. 2023)

INSTRUCTIONS	
FORM N-40T (REV. 2023)		

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 2023 calendar year trust or
decedent’s estate, that date is March
5, 2024. 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 2023 form for calendar year
2023 and fiscal years beginning in 2023
and ending in 2024. 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.