Instructions For Form N-168 - Department Of Taxation State Of Hawaii - 2012 Page 4
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4Instructions for Form N-168
Page 4
(Rev. 2012)
Form N-11 Filers - Tax on Capital Gains Worksheet for Years 2009, 2010, and 2011
1.
Enter your taxable income ....................................................................................................................
2.
Enter your net long-term capital gain (Form 1040 or Schedule D)* (as refigured) ................................
3.
Combine your Hawaii long-term adjustments, if any, and enter the total here (as refigured) ................
4.
Combine lines 2 and 3. This is your Hawaii net long-term capital gain .................................................
5.
Enter your net capital gain (Form 1040 or Schedule D)* (as refigured) ................................................
6.
Combine your Hawaii short-term adjustments, if any, and enter the total here (as refigured) ..............
7.
Combine lines 3, 5, and 6. This is your Hawaii net capital gain ............................................................
8.
Enter the smaller of line 4 or line 7 ......................................................................................................
9.
If you filed Form N-158, enter the amount from line 4e of Form N-158 ................................................
10. Line 8 minus line 9. If this amount is zero or less, stop here; you cannot use this worksheet to
figure your tax. Instead, use the Tax Rate Schedules shown on page 3 ...............................................
11. Line 1 minus line 10 ..............................................................................................................................
12. Enter the amount shown below for the filing status you claimed ...........................................................
Single or Married filing separately—
$24,000
Married filing jointly or Qualifying widow(er)— 48,000
Head of household—
36,000
13. Enter the greater of line 11 or line 12 ...................................................................................................
14. Line 1 minus line 13. This is the amount of net capital gains eligible for alternative tax. .......................
15. Compute the tax on the amount on line 13 using the Tax Rate Schedules shown on page 3. ..............
16. Multiply line 14 by 7.25% (.0725) and enter the result ..........................................................................
17. Line 15 plus line 16 ...............................................................................................................................
18. Compute the tax on the amount on line 1. Use the Tax Rate Schedules shown on page 3 ..................
19. Tax. Enter the smaller of line 17 or 18 here and on the appropriate line of Form N-168 .....................
N-15 Filers - Tax on Capital Gains Worksheet for Years 2009, 2010, and 2011
1.
Enter your taxable income ....................................................................................................................
2.
Enter the smaller of your Hawaii net long-term capital gain* or your Hawaii net capital gain*
(Capital Gain/Loss Worksheet in the Form N-15 instruction booklet) (as refigured). ............................
3.
If you filed Form N-158, enter the amount from line 4e of Form N-158 ................................................
4.
Line 2 minus line 3. If this amount is zero or less, stop here; you cannot use this worksheet to
figure your tax. Instead, use the Tax Rate Schedules shown on page 3 ...............................................
5.
Line 1 minus line 4 ................................................................................................................................
6.
Enter the amount shown below for the filing status you claimed ...........................................................
Single or Married filing separately—
$24,000
Married filing jointly or Qualifying widow(er)— 48,000
Head of household—
36,000
7.
Enter the greater of line 5 or line 6 .......................................................................................................
8.
Line 1 minus line 7. This is the amount of net capital gains eligible for alternative tax. ........................
9.
Compute the tax on the amount on line 7 using the Tax Rate Schedules shown on page 3 ................
10. Multiply line 8 by 7.25% (.0725) and enter the result ............................................................................
11. Line 9 plus line 10. ................................................................................................................................
12. Compute the tax on the amount on line 1. Use the Tax Rate Schedules shown on page 3. .................
13. Tax. Enter the smaller of line 11 or line 12 here and on the appropriate line of Form N-168.. .............
*Note: If you filed Form N-15 for 2009, 2010, or 2011, the computation to figure taxable income uses Hawaii income and deduction
amounts from Column B. Therefore, the Tax on Capital Gains Worksheet for 2009, 2010, or 2011 should be completed using amounts
from Column B of your 2009, 2010, or 2011 Form N-15.
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