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This version of the form is not currently in use and is provided for reference only. Download this version of
Form N-168
for the current year.
Form N-168 Income Averaging for Farmers and Fishermen - Hawaii
What Is Form N-168?
This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. Check the official instructions before completing and submitting the form.
FAQ
Q: What is Form N-168?
A: Form N-168 is the form used for income averaging for farmers and fishermen in Hawaii.
Q: Who can use Form N-168?
A: Form N-168 can be used by farmers and fishermen in Hawaii.
Q: What is income averaging?
A: Income averaging is a method that allows farmers and fishermen to reduce their tax liability by averaging their income over a period of years.
Q: Why would farmers and fishermen use income averaging?
A: Farmers and fishermen may use income averaging to reduce their tax liability when they have fluctuations in their income from year to year.
Q: How do I file Form N-168?
A: Form N-168 can be filed with your Hawaii state tax return.
Q: Can I use income averaging if I am not a farmer or fisherman?
A: No, income averaging is only available to farmers and fishermen.
Q: Is there a limit to how many years of income I can average?
A: No, there is no limit to how many years of income you can average on Form N-168.
Q: Are there any restrictions on who can use income averaging?
A: Yes, there are certain requirements that must be met. You must have at least three years of farming or fishing income, and your income from farming or fishing must be more than 50% of your total income.
Q: Can I use income averaging for federal tax purposes?
A: No, income averaging for farmers and fishermen is only available for Hawaii state tax purposes.
Form Details:
- Released on January 1, 2022;
- 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;
- Fill out the form in our online filing application.
Download a fillable version of Form N-168 by clicking the link below or browse more documents and templates provided by the Hawaii Department of Taxation.
