Form N-152 Tax on Lump-Sum Distributions - Hawaii

What Is Form N-152?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form N-152?
A: Form N-152 is a tax form used for reporting the tax on lump-sum distributions in Hawaii.

Q: What is a lump-sum distribution?
A: A lump-sum distribution is a one-time payment of your entire balance in a qualified retirement plan.

Q: Who needs to file Form N-152?
A: Hawaii residents who received a lump-sum distribution from a qualified retirement plan and owe tax on it need to file Form N-152.

Q: How do I determine the tax on a lump-sum distribution?
A: The tax on a lump-sum distribution in Hawaii is determined using the optional method provided by federal law.

Q: When is Form N-152 due?
A: Form N-152 is due on April 20th following the year in which the lump-sum distribution was received.

Q: Are there any penalties for late filing?
A: Yes, there may be penalties for late filing, so it's important to submit Form N-152 by the due date.

Q: Is Form N-152 used for federal taxes as well?
A: No, Form N-152 is specifically for reporting the tax on lump-sum distributions in Hawaii and is not used for federal taxes.