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INSTRUCTIONS

FORM N-615

(REV. 2006)

PAGE 2

Enter on Form N-615, line 9, the amount

how to figure the net capital gain included on line

worksheet, enter the amount from Form N-615,

from line 19 of the worksheet, and check

14.

line 4. On line 8 of the worksheet, enter the net

the

box

for

“Capital

Gains

Tax

capital gain included on line 4. Enter on Form

If the Capital Gains Tax Worksheet is used to

Worksheet”.

N-615, line 17, the amount from line 19 of the

figure the tax, follow the steps in the instructions

worksheet, and check the box for "Capital Gains

If any farm or fishing income is included on

for line 9 on page 1. However, on line 1 of the

Tax Worksheet".

line 8, the tax may be less if you use Form N-168.

worksheet, enter the amount from Form N-615,

line 14. On line 8 of the worksheet, enter the net

If any farm or fishing income is included on

If Form N-168 was used to figure the tax on

capital gain included on line 14. Enter on Form

line 4, the tax may be less if you use Form N-168.

the parent's return, see federal Publication 929

N-615, line 15, the amount from line 19 of the

for how to figure the tax.

Line 18. — Compare the amounts on lines 16

worksheet, and check the box for “Capital Gains

and 17, then enter the larger of the 2 amounts on

Line 10. — Enter the tax as shown on the tax re-

Tax Worksheet”.

line 18. Round the amount to the nearest dollar.

turn of the parent identified on Form N-615, line

If any farm or fishing income is included on

Be sure to check the box for “Form N-615” on the

A. If the parent filed a joint return, enter the tax

line 14, the tax may be less if you use Form

appropriate line of the child's tax return even if

shown on that return even if the parent's spouse

N-168.

the amount on line 17 is the larger of the 2

is not the child's parent. If the parent filed Form

amounts.

N-152 or Form N-814, do not include any tax

Line 17. — Figure the tax on the amount on line 4

from those forms on line 10.

using the Tax Table, Tax Rate Schedules, the

Amended Returns. — If after the child's return is

Capital Gains Tax Worksheet in the Instructions

filed, the parent's taxable income is changed or

Line 15. — Figure the tax on the amount on line

for Form N-11/N-12 or Form N-15, or Form

the net investment income of any of the parent's

14 using the Tax Table, Tax Rate Schedules, the

N-168, whichever applies. If the amount on line 4

other children is changed, the child's tax must be

Capital Gains Tax Worksheet in the Instructions

includes any net capital gain, the tax on the

refigured using the adjusted amounts. If the

for Form N-11/N-12 or Form N-15, or Form

amount on line 4 may be less if the Capital Gains

child's tax is changed as a result of the adjust-

N-168, whichever applies. If the amount on line

Tax Worksheet is used to figure the tax.

ment(s), file an amended individual income tax

14 includes any net capital gain, the tax on the

return to correct the child's tax.

amount on line 14 may be less if the Capital

If the Capital Gains Tax Worksheet is used to

Gains Tax Worksheet is used to figure the tax.

figure the tax, follow the steps in the instructions

See federal Publication 929 for information on

for line 9 on page 1. However, on line 1 of the

Child’s Investment Income Worksheet (keep a copy for your records)

1. Enter the total income amount from the child's federal

Form 1040*; Form N-12, line 19; Form N-13, line 11; or

Form N-15, line 20, whichever applies.························

2. Enter the child's earned income (defined on page 1) plus

any deduction for interest penalty on early withdrawal of

savings the child claims on federal Form 1040; Form

N-12, line 28; or Form N-15, line 29, whichever applies.

···················································································

3. Line 1 minus line 2. Enter the result here and on Form

N-615, line 1. ······························································

* Note: Do not include income not subject to Hawaii income taxes (e.g., all income earned and proceeds

derived from stock options or stock, including stock issued through the exercise of stock options or warrants,

from a qualified high technology business or from a holding company of a qualified high technology business

by an employee, officer, or director of the qualified high technology business, or investor who qualifies for the

high technology business investment tax credit is excluded from income taxes; and amounts received by an

individual or a qualified high technology business as royalties and other income derived from patents, copy-

rights, and trade secrets (1) owned by the individual or qualified high technology business, and (2) developed

and arising out of a qualified high technology business are excluded from gross income, adjusted gross in-

come, and taxable income.)

INSTRUCTIONS FORM N-615

Instructions For Form N-615 - Computation Of Tax For Children Under Age 14 Who Have Investment Income Of More Than 1,000 - State Of Hawaii Department Of Taxation Page 2

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