Form N-1 - Declaration Of Estimated Income Tax For Individuals

PAGE 2

(e.g., nonresident aliens and dual-status aliens

not required to file a declaration at that time, your

Website address:

cannot claim the standard deduction) will apply

expected income, exemptions or status may change

For tax information and forms:

when the individual files a Hawaii income tax

so that you will be required to file a declaration later.

tax.hawaii.gov

return.

Or after you have filed a declaration, you may find

Annualized Income Installment Method

that your estimated tax is substantially increased or

The foregoing tax treatment of residents, part-year

If you do not receive your income evenly throughout

decreased as a result of such change. In a case of

residents, and nonresidents will cause differences

the year (for example, your income from a repair

this sort, file or amend your declaration on the next

between the income reported for federal and Hawaii

shop you operate is much larger in the summer

quarterly payment date, and pay the declaration or

purposes in some cases.

than it is during the rest of the year), your required

amount remaining unpaid in equal installments on

6. Use of Estimated Tax Worksheet — Most of the

estimated tax payment for one or more periods may

that and any succeeding quarterly payment dates.

items on the worksheet are self-explanatory, with

be less than the amount figured using the regular

8. Penalty — For failure to pay as required by law, a

the exception of line 7. Enter on that line any ad-

installment method.

penalty will be added to the tax as provided. Willful

ditional taxes from:

To see if you can pay less for any period, copy

failure to make a required declaration of estimated

Form N-2, Distribution from an Individual

and complete the blank federal 2016 Annualized

tax is an offense punishable as provided by section

Housing Account;

Estimated Tax Worksheet in federal Pub. 505. The

235-105, HRS. The penalty however, may be waived

Form N-103, Sale of Your Home;

worksheet annualizes your tax at the end of each

by the Department of Taxation under certain condi-

Form N-152, Tax on Lump-Sum Distributions;

period based on a reasonable estimate of your income,

tions. See federal Pub. 505 for details.

Form N-312, Recapture of Capital Goods

deductions, and other items relating to events that

9. Fiscal Year — If your return is on a fiscal year

Excise Tax Credit;

occurred since the beginning of the tax year through

basis, your due dates are the 20th day of the 4th, 6th,

Form N-318, Recapture of High Technology

the end of the period.

and 9th months of your fiscal year and the 1st month

Business Investment Tax Credit;

Note: If you use the annualized income installment

of the following fiscal year.

Form N-338, Recapture of Tax Credit for

method to figure your estimated tax payments, you

Flood Victims;

10. Further Instructions — The above instructions

must file Form N-210 with your 2016 tax return.

Form N-344, Recapture of Important

are general and do not cover every situation. Persons

See federal Pub. 505 for more information. In

Agricultural Land Qualified Agricultural

having specific questions may obtain information

general, most of the provisions relating to the federal

Cost Tax Credit;

from the following:

worksheet are applicable, except that 1) Section B is

Form N-348, Recapture of Capital

Telephone:

not applicable because Hawaii has no comparable self-

Infrastructure Tax Credit;

For tax information and forms:

employment tax; 2) references to the federal amounts

Form N-405, Tax on Accumulation

808-587-4242

for the standard deduction, personal exemption,

Distribution of Trusts;

Toll-Free: 1-800-222-3229

and tax rates should be substituted with the Hawaii

Form N-586, Recapture of Low-Income

Telephone for the Hearing Impaired:

amounts; 3) references to federal taxes should be

Housing Tax Credit; or

substituted with Hawaii taxes as discussed at item

808-587-1418

Form N-814, Parent’s Election to Report

6 above; and 4) references to federal credits (other

Toll-Free: 1-800-887-8974

Child’s Interest and Dividends.

than withholding credits) should be substituted with

7. Changes in Income, Exemptions, or Status — Even

Hawaii credits.

though your situation on April 20 is such that you are

2016 Estimated Tax Worksheet (Keep for your records — DO NOT Send to Hawaii Department of Taxation)

Enter the amount of Hawaii Adjusted Gross Income you expect in 2016. ..............................................................................

If you plan to itemize deductions, enter the estimated total of your itemized deductions. Caution: Your total itemized

deductions may be limited. See the instructions for Form N-11 or Form N-15. If you do not plan to itemize deductions,

enter (a) $4,400 if married filing jointly or qualifying widow(er); (b) $3,212 if head of household; (c) $2,200 if single or

married filing separately; or (d) the greater of $500 or your estimated earned income (up to the full standard deduction

for your filing status) if you are eligible to be claimed as a dependent by another taxpayer. Note: Nonresident aliens and

dual-status aliens cannot claim the standard deduction.

Part-year residents/nonresidents: Your standard deduction amount must be multiplied by the ratio of Hawaii AGI to

AGI from all sources ...............................................................................................................................................................

Line 1 minus line 2 ..................................................................................................................................................................

Enter your exemptions ($1,144 for each exemption, including additional exemption for age). Blind, deaf, or totally disabled

persons, enter $7,000 in lieu of all other exemptions. Caution: See the instructions for Form N-11 or Form N-15 to figure

the amount to enter if line 1 above is over: $179,963 if married filing jointly or qualifying widow(er); $149,963 if head of

household; $119,963 if single; or $89,981 if married filing separately.

Part-year residents/nonresidents: Your personal exemption amount must be multiplied by the ratio of Hawaii AGI to

AGI from all sources ...............................................................................................................................................................

Line 3 minus line 4 ..................................................................................................................................................................

Tax (Figure tax on line 5 by using Tax Rate Schedule I, II, or III in these instructions) ...........................................................

Enter any additional taxes from General Instructions, Item 6 .................................................................................................

Add lines 6 and 7 ....................................................................................................................................................................

Credits (refundable food/excise tax credit, credit for child and dependent care expenses, renewable energy

technologies income tax credit, credit for low-income household renter, etc.) Do not include income tax withholding. .........

10 Line 8 minus line 9. Enter the result but not less than zero. THIS IS YOUR TOTAL 2016 ESTIMATED TAX ......................

11a Multiply line 10 by 60% ...........................................................................................................

11a

11b Enter 100% of the tax shown on your 2015 tax return ............................................................

11b

11c Enter the smaller of line 11a or 11b. THIS IS YOUR REQUIRED ANNUAL PAYMENT TO AVOID A PENALTY ................

11c

Caution: Generally, if you do not prepay at least the amount on line 11c, you may owe a penalty for not paying enough

estimated tax. To avoid a penalty, make sure your estimate on line 10 is as accurate as possible. Even if you pay the

required annual payment, you may still owe tax when you file your return. If you prefer, you may pay the amount shown

on line 10.

12 Estimated income tax to be withheld during 2016 (wages and disposition of real property by nonresident persons) ............

13 Estimated tax (line 11c minus line 12). If $500 or more, fill out and file the payment voucher;

if less, no declaration is required at this time ..........................................................................................................................

14 If the first payment voucher you are required to file is due April 20, 2016, enter 1/4 of line 13 here and on lines 1, 4, 7, and

10 of the Payment Voucher Worksheet (Whole dollars only) ..................................................................................................

Note: If you are not required to file a voucher at this time, you may have to file one at a later date. See General Instructions, Item 7.