Hawaii Fiduciary Income Tax Return (Rev. 2016)

Fiduciary Income Tax Return (Rev. 2016)
Form N-40, Rev. 2023, Fiduciary Income Tax Return
Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION	
	FORM	
	
	
(REV. 2023)
	
		For calendar year

FIDUCIARY INCOME TAX RETURN

N-40

	

THIS SPACE FOR DATE RECEIVED STAMP

2023

or other tax year beginning  _______________ , 2023
  and ending

__________________ , 20_____
Composite Qualified Funeral Trusts

A	
	
	
	
	
	
	
	
	
	
B	
	

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 †

  F	Check
	
applicable
	
boxes:

	
	

Name of estate or trust (Grantor type trust, see Instructions)

C	

Name and title of fiduciary

Mailing Address of fiduciary (number and street)

FEIN

SSN

ITIN

D	

Date entity created

E	
	
	

Nonexempt charitable and
split-interest trusts, check
applicable boxes:

	
Described in IRC section
	4947(a)(1)
	
Not a private foundation
	
Described in IRC section
	4947(a)(2)
NOL Carryback (Attach Sch AMD)	 IRS Adjustment
Change in fiduciary’s address	
Trust Name Change

City, State and Postal/ZIP Code. If foreign address, see Instructions.

Initial return	
Final Return	
Change in fiduciary		

Amended Return (Attach Sch AMD)	
Change in fiduciary’s name	

 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. †
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).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . †	

INCOME

	
	
	

Please Sign Here

DEDUCTIONS

	  ATTACH CHECK OR MONEY ORDER AND FORM N-4 HERE 

N40_I 2023A 01 VID01

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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	

	

Print or type name of fiduciary or officer representing fiduciary	

	

†

Date
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

PTIN
Date		
Preparer’s signature	
Check if
	
	
Print Preparer’s Name
self-employed †	 †
		
Federal †
Firm’s name (or yours,		
E.I. No.
if self-employed)
		
Address and ZIP  Code
Phone no. †
		

N401E3T4

†

†

ID NO 01

FORM N-40 (REV. 2023)

FORM N-40 (REV. 2023)	
Name as shown on return	

Page 2
Federal Employer Identification Number

N40_I 2023A 02 VID01

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).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 

	

1

	
	

2(c)
3

	

4

	

5

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).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	

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 17, 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 .  .  .  .  .  .  . 

N402E3T4

ID NO 01

	

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FORM N-40 (REV. 2023)

FORM N-40 (REV. 2023)	
Name as shown on return	

Page 3
Federal Employer Identification Number

N40_I 2023A 03 VID01

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.	 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)
2.	 Total Refundable Tax Credits from Schedule CR, line 10.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . †	
3.	 ADJUSTED TAX LIABILITY — Line 1 minus line 2. If line 3 is zero or less, see Instructions..  .  .  .  .  .  .  .  .  .  .  . 	
4.	 Total Nonrefundable Tax Credits from Schedule CR, line 32.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
5.	 Difference — Line 3 minus line 4.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
6.	 OTHER	 (a)	 2023 Estimated tax payments:
				
N-201V  	
	 N-288A  	
	
6(a)
				
(b)	 Tax Withheld (Attach supporting documents to 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 2022 return .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 6(f)
				
(g)	 Payments with extension .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 6(g)
7.	 Total (Add lines 6(e) through 6(g)) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  †	
8.	 Penalty for underpayment of estimated tax. (See Instructions.) If Form N-210 is attached, check this box     	
9.	 TAX DUE — If the total of lines 5 and 8 is larger than line 7, enter AMOUNT OWED.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
10.	 PAYMENT AMOUNT — Send a check or money order payable to the “Hawaii State Tax Collector”.  .  .  .  .  .  .  .  . 	
11.	 OVERPAYMENT — If line 7 is larger than the total of lines 5 and 8, enter AMOUNT OVERPAID.  .  .  .  .  .  .  .  .  .  	
12.	 Enter the amount of line 11 to be CREDITED to 2024 estimated tax .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
13.	 Enter the amount of line 11 to be REFUNDED.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
14.	 Amount paid (overpaid) on original return — AMENDED RETURN ONLY (See Instructions).  .  .  .  .  .  .  .  .  .  .  .  	
15.	 BALANCE DUE (REFUND) with amended return (See Instructions) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	

N403E3T4

ID NO 01

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FORM N-40 (REV. 2023)

FORM N-40 (REV. 2023)	
Name as shown on return	

Page 4
Federal Employer Identification Number

N40_I 2023A 04 VID01

ADDITIONAL INFORMATION REQUIRED
	YES	 NO
1.	
2.	
3.	
	
	
4.	
5.	
	
6.	
	
7.	

Was an income tax return filed for the preceding year? . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Was a final Hawaii individual income tax return filed for the decedent?. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
(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? .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Is an election under IRC section 643(e)(3) being made?  (Attach Schedule D (Form N-40)) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
If a trust, was there an accumulation distribution?. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	
	
If “Yes,” attach Schedule J (Form N-40)
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). .  .  .  .  .  .  .  .  .  .
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?. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
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) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
8.	

N404E3T4

ID NO 01

FORM N-40 (REV. 2023)