Instructions for Form N-40 Fiduciary Income Tax Return - Hawaii

Form N-40 Schedule D Capital Gains and Losses - Hawaii

This document contains official instructions for Form N-40 , Fiduciary Income Tax Return - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-40 Schedule D is available for download through this link.

FAQ

Q: What is Form N-40?
A: Form N-40 is the Fiduciary Income Tax Return for the state of Hawaii.

Q: Who needs to file Form N-40?
A: Any fiduciary, such as an estate or trust, that has income from Hawaii sources or is required to file a federal Form 1041 needs to file Form N-40.

Q: What is the deadline for filing Form N-40?
A: The deadline for filing Form N-40 is April 20th, or the 20th day of the fourth month after the close of the taxable year.

Q: Are there any penalties for late filing?
A: Yes, there are penalties for late filing. The penalty is 5% of the tax due for each month or part of a month that the return is late, up to a maximum of 25%.

Q: Do I need to include a copy of my federal Form 1041 with Form N-40?
A: Yes, you must include a copy of your federal Form 1041 with Form N-40.

Q: Are there any specific instructions for filling out Form N-40?
A: Yes, there are specific instructions provided with Form N-40 that you should follow. These instructions will guide you on how to properly complete the form.

Q: What do I do if I need an extension to file Form N-40?
A: If you need an extension to file Form N-40, you can request an automatic six-month extension by filing Form N-101A.