Form N-5 "Declaration of Estimated Income Tax for Estates and Trusts" - Hawaii

What Is Form N-5?

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.

Form Details:

  • Released on January 1, 2018;
  • The latest edition provided by the Hawaii Department of Taxation;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;

Download a fillable version of Form N-5 by clicking the link below or browse more documents and templates provided by the Hawaii Department of Taxation.

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Download Form N-5 "Declaration of Estimated Income Tax for Estates and Trusts" - Hawaii

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Clear Form
FORM
STATE OF HAWAII — DEPARTMENT OF TAXATION
N-5
DECLARATION OF ESTIMATED INCOME TAX FOR ESTATES AND TRUSTS
(REV. 2018)
GENERAL INSTRUCTIONS
1. PURPOSE OF DECLARATION — This declaration provides a basis for cur-
4. AMENDED DECLARATIONS — In the making of a declaration, an estate or
rently paying the income tax of estates and trusts. This form is to be used by
trust must take into account the then existing facts and circumstances as well
estates and trusts required to file Form N-40, if the estate or trust expects a tax
as those reasonably anticipated relating to prospective gross income and allow-
liability of $500 or more for the taxable year. Trusts required to file Form N-70NP
able deductions for the taxable year. An amended or revised declaration may be
must use Form N-3, Declaration of Estimated Income Tax for Corporations. See
made in any case in which the estate or trust estimates that its gross income
Form N-70NP instructions for an Estimated Tax Computation Schedule.
and deductions will materially change the estimated tax reported on an earlier
declaration. Make the amendment on the next quarterly payment date, and pay
2. ESTATES AND TRUSTS WHICH MUST MAKE A DECLARATION — A dec-
the estimated tax or amount remaining unpaid in equal installments on that and
laration of estimated tax must be made by every estate or trust unless excused
the succeeding quarterly payment dates.
from filing under section 235-97(a)(6), HRS, which provides that a declaration
of estimated tax and the payment of estimated tax are not required if the tax
5. PENALTY — In the case of any underpayment of estimated tax, there may
liability of an estate or trust is less than $500 and can expect its withholding and
be added to the tax, an amount determined at the rate of 2/3 of 1% a month, or
tax credits to be less than the smaller of:
fraction of a month, on the amount of tax underpaid as provided under section
235-97(f), HRS. Willful failure to make a required declaration of estimated tax is
1. 60% of the tax shown on the current year tax return; or
an offense punishable as provided by section 231-35, HRS. The penalty for the
2. 100% of the tax shown on the preceding year tax return.
underpayment of estimated taxes as provided under section 235-97(f), HRS, will
be enforced. See Form N-210, Underpayment of Estimated Tax by Individuals
However, if a return was not filed for the preceding year or that return did not
and Fiduciaries, for more information.
cover a full 12 months, item 2 does not apply. Estates, and certain trusts (see
federal Form 1041-ES), are only required to make estimated tax payments for
ESTIMATED TAX COMPUTATION WORKSHEET
any tax year ending two or more years after the decedent’s death. In addition
to the declaration, an estate or trust must file an annual income tax return after
1. Enter the total expected current year tax-
the close of its taxable year. At that time, the balance of tax due, if any, over the
able income of the fiduciary (Form N-40)
1
00
amount paid as estimated tax must be paid in a single payment with the tax return.
2. Net capital gain taxable to the estate
3. WHEN AND WHERE TO FILE DECLARATION AND PAY ESTIMATED TAXES
or trust. If this line is zero, go to line 9 .....
2
00
— The payment vouchers that the estate or trust files serve as its declaration
of estimated income tax. The declaration of estimated tax for an estate or trust
3. Difference — line 1 minus line 2 .............
3
00
using a calendar tax year must be filed on or before April 20, following the close
4
00
4. Enter the greater of line 3 or $20,000 .....
of the preceding tax year. An estate or trust using a fiscal (not calendar) tax year
must file its declaration by the 20th day of the fourth month following the close
5. Tax on amount on line 4. If line 4 is
of the preceding tax year.
$20,000, enter $1,128.00.
See Tax Rate Schedule below ................
5
00
Payment of the estimated tax due may be made in full at the time the declaration
is made or may be paid in four equal amounts which are due on April 20, June
6. Difference — line 1 minus line 4 .............
6
00
20, September 20, and January 20, for calendar year taxpayers and on the 20th
7
00
7. Multiply the amount on line 6 by 7.25% ..
days of the fourth, sixth, ninth, and thirteenth months following the close of the
8. Tax — add lines 5 and 7 .........................
8
00
preceding tax year for fiscal year taxpayers. If at least 2/3 of gross income for
the preceding tax year or the current tax year is from farming or fishing, only
9. Tax on the amount on line 1 ....................
9
00
one estimated payment of at least 60% of the tax due is required to be paid by
10
00
10. Enter the smaller of line 8 or line 9 .........
January 20 of the following tax year. If any due date falls on a Saturday, Sunday,
11. Estimated available tax credits ...............
11
00
or legal holiday, use the next regular work day. A check or money order, drawn
on a U. S. bank in U.S. funds, in payment of the tax should be made payable
12. Estimated tax due —
to the “Hawaii State Tax Collector.” Include the Federal Employer I.D. Number
line 10 minus line 11 ...............................
12
00
(FEIN) of the estate or trust, the year for which payment is made and “Form N-5”
13. If the first required payment voucher is
on the check or money order. Do not send cash.
due April 20 of the current tax year, enter
In some cases, such as a change in income, it may be necessary to file a
1/4 of the amount on line 12 here and on
the payment voucher ..............................
13
00
declaration after April 20th.
If the requirement is met after:
the filing date is:
NOTE: If a declaration is not required at this time, it may be necessary to file
April 1 and before June 2,
June 20
one at a later date. See General Instructions item 3.
June 1 and before September 2,
September 20
September 1,
January 20
The declaration and payments must be filed with the Hawaii Department of
Taxation at P.O. Box 1530, Honolulu, HI 96806-1530.
TAX RATE SCHEDULE FOR ESTATES AND TRUSTS
If the taxable income is:
The tax shall be:
Not over $2,000 ............................................................................... 1.4% of taxable income
Over $2,000 but not over $4,000 ..................................................... $28.00 plus 3.2% of excess over $2,000
Over $4,000 but not over $8,000 ..................................................... $92.00 plus 5.5% of excess over $4,000
Over $8,000 but not over $12,000 ................................................... $312.00 plus 6.4% of excess over $8,000
Over $12,000 but not over $16,000 ................................................. $568.00 plus 6.8% of excess over $12,000
Over $16,000 but not over $20,000 ................................................. $840.00 plus 7.2% of excess over $16,000
Over $20,000 but not over $30,000 ................................................. $1,128.00 plus 7.6% of excess over $20,000
Over $30,000 but not over $40,000 ................................................. $1,888.00 plus 7.9% of excess over $30,000
Over $40,000 .................................................................................. $2,678.00 plus 8.25% of excess over $40,000
Clear Form
FORM
STATE OF HAWAII — DEPARTMENT OF TAXATION
N-5
DECLARATION OF ESTIMATED INCOME TAX FOR ESTATES AND TRUSTS
(REV. 2018)
GENERAL INSTRUCTIONS
1. PURPOSE OF DECLARATION — This declaration provides a basis for cur-
4. AMENDED DECLARATIONS — In the making of a declaration, an estate or
rently paying the income tax of estates and trusts. This form is to be used by
trust must take into account the then existing facts and circumstances as well
estates and trusts required to file Form N-40, if the estate or trust expects a tax
as those reasonably anticipated relating to prospective gross income and allow-
liability of $500 or more for the taxable year. Trusts required to file Form N-70NP
able deductions for the taxable year. An amended or revised declaration may be
must use Form N-3, Declaration of Estimated Income Tax for Corporations. See
made in any case in which the estate or trust estimates that its gross income
Form N-70NP instructions for an Estimated Tax Computation Schedule.
and deductions will materially change the estimated tax reported on an earlier
declaration. Make the amendment on the next quarterly payment date, and pay
2. ESTATES AND TRUSTS WHICH MUST MAKE A DECLARATION — A dec-
the estimated tax or amount remaining unpaid in equal installments on that and
laration of estimated tax must be made by every estate or trust unless excused
the succeeding quarterly payment dates.
from filing under section 235-97(a)(6), HRS, which provides that a declaration
of estimated tax and the payment of estimated tax are not required if the tax
5. PENALTY — In the case of any underpayment of estimated tax, there may
liability of an estate or trust is less than $500 and can expect its withholding and
be added to the tax, an amount determined at the rate of 2/3 of 1% a month, or
tax credits to be less than the smaller of:
fraction of a month, on the amount of tax underpaid as provided under section
235-97(f), HRS. Willful failure to make a required declaration of estimated tax is
1. 60% of the tax shown on the current year tax return; or
an offense punishable as provided by section 231-35, HRS. The penalty for the
2. 100% of the tax shown on the preceding year tax return.
underpayment of estimated taxes as provided under section 235-97(f), HRS, will
be enforced. See Form N-210, Underpayment of Estimated Tax by Individuals
However, if a return was not filed for the preceding year or that return did not
and Fiduciaries, for more information.
cover a full 12 months, item 2 does not apply. Estates, and certain trusts (see
federal Form 1041-ES), are only required to make estimated tax payments for
ESTIMATED TAX COMPUTATION WORKSHEET
any tax year ending two or more years after the decedent’s death. In addition
to the declaration, an estate or trust must file an annual income tax return after
1. Enter the total expected current year tax-
the close of its taxable year. At that time, the balance of tax due, if any, over the
able income of the fiduciary (Form N-40)
1
00
amount paid as estimated tax must be paid in a single payment with the tax return.
2. Net capital gain taxable to the estate
3. WHEN AND WHERE TO FILE DECLARATION AND PAY ESTIMATED TAXES
or trust. If this line is zero, go to line 9 .....
2
00
— The payment vouchers that the estate or trust files serve as its declaration
of estimated income tax. The declaration of estimated tax for an estate or trust
3. Difference — line 1 minus line 2 .............
3
00
using a calendar tax year must be filed on or before April 20, following the close
4
00
4. Enter the greater of line 3 or $20,000 .....
of the preceding tax year. An estate or trust using a fiscal (not calendar) tax year
must file its declaration by the 20th day of the fourth month following the close
5. Tax on amount on line 4. If line 4 is
of the preceding tax year.
$20,000, enter $1,128.00.
See Tax Rate Schedule below ................
5
00
Payment of the estimated tax due may be made in full at the time the declaration
is made or may be paid in four equal amounts which are due on April 20, June
6. Difference — line 1 minus line 4 .............
6
00
20, September 20, and January 20, for calendar year taxpayers and on the 20th
7
00
7. Multiply the amount on line 6 by 7.25% ..
days of the fourth, sixth, ninth, and thirteenth months following the close of the
8. Tax — add lines 5 and 7 .........................
8
00
preceding tax year for fiscal year taxpayers. If at least 2/3 of gross income for
the preceding tax year or the current tax year is from farming or fishing, only
9. Tax on the amount on line 1 ....................
9
00
one estimated payment of at least 60% of the tax due is required to be paid by
10
00
10. Enter the smaller of line 8 or line 9 .........
January 20 of the following tax year. If any due date falls on a Saturday, Sunday,
11. Estimated available tax credits ...............
11
00
or legal holiday, use the next regular work day. A check or money order, drawn
on a U. S. bank in U.S. funds, in payment of the tax should be made payable
12. Estimated tax due —
to the “Hawaii State Tax Collector.” Include the Federal Employer I.D. Number
line 10 minus line 11 ...............................
12
00
(FEIN) of the estate or trust, the year for which payment is made and “Form N-5”
13. If the first required payment voucher is
on the check or money order. Do not send cash.
due April 20 of the current tax year, enter
In some cases, such as a change in income, it may be necessary to file a
1/4 of the amount on line 12 here and on
the payment voucher ..............................
13
00
declaration after April 20th.
If the requirement is met after:
the filing date is:
NOTE: If a declaration is not required at this time, it may be necessary to file
April 1 and before June 2,
June 20
one at a later date. See General Instructions item 3.
June 1 and before September 2,
September 20
September 1,
January 20
The declaration and payments must be filed with the Hawaii Department of
Taxation at P.O. Box 1530, Honolulu, HI 96806-1530.
TAX RATE SCHEDULE FOR ESTATES AND TRUSTS
If the taxable income is:
The tax shall be:
Not over $2,000 ............................................................................... 1.4% of taxable income
Over $2,000 but not over $4,000 ..................................................... $28.00 plus 3.2% of excess over $2,000
Over $4,000 but not over $8,000 ..................................................... $92.00 plus 5.5% of excess over $4,000
Over $8,000 but not over $12,000 ................................................... $312.00 plus 6.4% of excess over $8,000
Over $12,000 but not over $16,000 ................................................. $568.00 plus 6.8% of excess over $12,000
Over $16,000 but not over $20,000 ................................................. $840.00 plus 7.2% of excess over $16,000
Over $20,000 but not over $30,000 ................................................. $1,128.00 plus 7.6% of excess over $20,000
Over $30,000 but not over $40,000 ................................................. $1,888.00 plus 7.9% of excess over $30,000
Over $40,000 .................................................................................. $2,678.00 plus 8.25% of excess over $40,000
MAILING ADDRESS
Hawaii Department of Taxation
P.O. Box 1530
Honolulu, Hawaii 96806-1530
(830 Punchbowl Street)
IMPORTANT NOTE
Form N-5 is designed for electronic scanning that permits faster processing with fewer errors. To avoid delays:
1. Print amounts only on those lines that are applicable.
2. Use only a black or dark blue ink pen. Do not use red ink, pencils, felt tip pens, or erasable pens.
3. Because this form is read by a machine, please print your numbers inside the boxes like this:
!!!,!!!,!!!.00
1 2 3 4 5 6 7 8 9
4. Do NOT print outside the boxes.
5. Do NOT use dollar signs, commas, slashes, dashes or parentheses in the boxes.
6. DO NOT SUBMIT A PHOTOCOPY OF THIS FORM. Photocopying of this form could cause delays in
processing your payment.
CUT HERE
Form
(Rev. 2018)
STATE OF HAWAII — DEPARTMENT OF TAXATION
DO NOT WRITE OR STAPLE IN THIS SPACE
N-5
ESTIMATED INCOME TAX FOR ESTATES AND TRUSTS
Voucher No. 1
THIS VOUCHER IS DUE ON OR BEFORE THE 20th DAY
OF THE 4th MONTH OF THE TAXABLE YEAR.
DO NOT SUBMIT A PHOTOCOPY OF THIS FORM
Composite Qualified Funeral Trusts
Name
Dba or C/O
Federal Employer Identification Number (FEIN)
Mailing Address
Suite Number
Calendar or Fiscal Year Ending (MM DD YY)
City, town, or post office
State
Postal/ZIP Code
Country
For office use only
Amount of Payment
MAIL THIS VOUCHER WITH CHECK OR MONEY ORDER PAYABLE
TO “HAWAII STATE TAX COLLECTOR.” Write your FEIN, the year for
which payment is made, and Form N-5 (e.g., “2019 Form N-5”) on your
check or money order.
ID NO 01
N5_F 2018A 01 VID01
MAILING ADDRESS
Hawaii Department of Taxation
P.O. Box 1530
Honolulu, Hawaii 96806-1530
(830 Punchbowl Street)
IMPORTANT NOTE
Form N-5 is designed for electronic scanning that permits faster processing with fewer errors. To avoid delays:
1. Print amounts only on those lines that are applicable.
2. Use only a black or dark blue ink pen. Do not use red ink, pencils, felt tip pens, or erasable pens.
3. Because this form is read by a machine, please print your numbers inside the boxes like this:
!!!,!!!,!!!.00
1 2 3 4 5 6 7 8 9
4. Do NOT print outside the boxes.
5. Do NOT use dollar signs, commas, slashes, dashes or parentheses in the boxes.
6. DO NOT SUBMIT A PHOTOCOPY OF THIS FORM. Photocopying of this form could cause delays in
processing your payment.
CUT HERE
Form
(Rev. 2018)
STATE OF HAWAII — DEPARTMENT OF TAXATION
DO NOT WRITE OR STAPLE IN THIS SPACE
N-5
ESTIMATED INCOME TAX FOR ESTATES AND TRUSTS
Voucher No. 2
THIS VOUCHER IS DUE ON OR BEFORE THE 20th DAY
OF THE 6th MONTH OF THE TAXABLE YEAR.
DO NOT SUBMIT A PHOTOCOPY OF THIS FORM
Composite Qualified Funeral Trusts
Name
Dba or C/O
Federal Employer Identification Number (FEIN)
Mailing Address
Suite Number
Calendar or Fiscal Year Ending (MM DD YY)
City, town, or post office
State
Postal/ZIP Code
Country
For office use only
Amount of Payment
MAIL THIS VOUCHER WITH CHECK OR MONEY ORDER PAYABLE
TO “HAWAII STATE TAX COLLECTOR.” Write your FEIN, the year for
which payment is made, and Form N-5 (e.g., “2019 Form N-5”) on your
check or money order.
ID NO 01
N5_F 2018A 02 VID01
MAILING ADDRESS
Hawaii Department of Taxation
P.O. Box 1530
Honolulu, Hawaii 96806-1530
(830 Punchbowl Street)
IMPORTANT NOTE
Form N-5 is designed for electronic scanning that permits faster processing with fewer errors. To avoid delays:
1. Print amounts only on those lines that are applicable.
2. Use only a black or dark blue ink pen. Do not use red ink, pencils, felt tip pens, or erasable pens.
3. Because this form is read by a machine, please print your numbers inside the boxes like this:
!!!,!!!,!!!.00
1 2 3 4 5 6 7 8 9
4. Do NOT print outside the boxes.
5. Do NOT use dollar signs, commas, slashes, dashes or parentheses in the boxes.
6. DO NOT SUBMIT A PHOTOCOPY OF THIS FORM. Photocopying of this form could cause delays in
processing your payment.
CUT HERE
Form
(Rev. 2018)
STATE OF HAWAII — DEPARTMENT OF TAXATION
DO NOT WRITE OR STAPLE IN THIS SPACE
N-5
ESTIMATED INCOME TAX FOR ESTATES AND TRUSTS
Voucher No. 3
THIS VOUCHER IS DUE ON OR BEFORE THE 20th DAY
OF THE 9th MONTH OF THE TAXABLE YEAR.
DO NOT SUBMIT A PHOTOCOPY OF THIS FORM
Composite Qualified Funeral Trusts
Name
Dba or C/O
Federal Employer Identification Number (FEIN)
Mailing Address
Suite Number
Calendar or Fiscal Year Ending (MM DD YY)
City, town, or post office
State
Postal/ZIP Code
Country
For office use only
Amount of Payment
MAIL THIS VOUCHER WITH CHECK OR MONEY ORDER PAYABLE
TO “HAWAII STATE TAX COLLECTOR.” Write your FEIN, the year for
which payment is made, and Form N-5 (e.g., “2019 Form N-5”) on your
check or money order.
ID NO 01
N5_F 2018A 03 VID01
MAILING ADDRESS
Hawaii Department of Taxation
P.O. Box 1530
Honolulu, Hawaii 96806-1530
(830 Punchbowl Street)
IMPORTANT NOTE
Form N-5 is designed for electronic scanning that permits faster processing with fewer errors. To avoid delays:
1. Print amounts only on those lines that are applicable.
2. Use only a black or dark blue ink pen. Do not use red ink, pencils, felt tip pens, or erasable pens.
3. Because this form is read by a machine, please print your numbers inside the boxes like this:
!!!,!!!,!!!.00
1 2 3 4 5 6 7 8 9
4. Do NOT print outside the boxes.
5. Do NOT use dollar signs, commas, slashes, dashes or parentheses in the boxes.
6. DO NOT SUBMIT A PHOTOCOPY OF THIS FORM. Photocopying of this form could cause delays in
processing your payment.
CUT HERE
Form
(Rev. 2018)
STATE OF HAWAII — DEPARTMENT OF TAXATION
DO NOT WRITE OR STAPLE IN THIS SPACE
N-5
ESTIMATED INCOME TAX FOR ESTATES AND TRUSTS
Voucher No. 4
THIS VOUCHER IS DUE ON OR BEFORE THE 20th DAY
OF THE 1st MONTH FOLLOWING THE TAXABLE YEAR.
DO NOT SUBMIT A PHOTOCOPY OF THIS FORM
Composite Qualified Funeral Trusts
Name
Dba or C/O
Federal Employer Identification Number (FEIN)
Mailing Address
Suite Number
Calendar or Fiscal Year Ending (MM DD YY)
City, town, or post office
State
Postal/ZIP Code
Country
For office use only
Amount of Payment
MAIL THIS VOUCHER WITH CHECK OR MONEY ORDER PAYABLE
TO “HAWAII STATE TAX COLLECTOR.” Write your FEIN, the year for
which payment is made, and Form N-5 (e.g., “2019 Form N-5”) on your
check or money order.
ID NO 01
N5_F 2018A 04 VID01