Form N-405 Tax on Accumulation Distribution of Trusts - Hawaii

What Is Form N-405?

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-405?
A: Form N-405 is a tax form specific to the state of Hawaii used to report the accumulation distribution of trusts.

Q: What is an accumulation distribution?
A: An accumulation distribution refers to the income that has been retained or accumulated by a trust instead of being distributed to the beneficiaries.

Q: Who needs to file Form N-405?
A: Trustees of trusts that have accumulated income and are subject to Hawaii state tax laws need to file Form N-405.

Q: When is Form N-405 due?
A: Form N-405 is due on or before April 20th of the year following the tax year in which the accumulation distribution was made.

Q: What information do I need to complete Form N-405?
A: You will need to provide details about the trust, including its name, address, and taxpayer identification number, as well as information about the accumulation distribution.

Q: Are there any penalties for not filing Form N-405?
A: Yes, failure to file Form N-405 or filing it late may result in penalties and interest charges imposed by the Hawaii Department of Taxation.

Q: Can I file Form N-405 electronically?
A: Yes, the Hawaii Department of Taxation offers the option to file Form N-405 electronically through their e-filing system.

Q: How do I submit Form N-405?
A: You can submit Form N-405 either by mail or electronically through the e-filing system provided by the Hawaii Department of Taxation.

Q: Can I get an extension to file Form N-405?
A: Yes, you can request an extension to file Form N-405 by filing Form N-349, Request for Extension of Time to File Hawaii Tax Return, before the original due date.