Form N-405 - Tax On Accumulation Distribution Of Trusts - 2015

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STATE OF HAWAII—DEPARTMENT OF TAXATION

FORM

Tax on Accumulation Distribution of Trusts

2015

N-405



(Rev. 2015)

Attach to beneficiary’s tax return.

Name(s) as shown on return

Social Security Number

Name and address of trust

Federal Employer I.D. No.

Type of Trust:

Beneficiary’s date of birth

Enter number of trusts from which you received accumulation





Domestic

Foreign

distributions in this tax year (see General Instructions). ...............

Average Income and Determination of Computation Years

Part I

Amount of current distribution that is considered distributed in earlier tax years. (From Schedule J (Form N-40),

line 31 column (a).) ..................................................................................................................................................................

Distributions of income accumulated before you were born or reached age 21. ....................................................................

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

Taxes imposed on the trust on amounts from line 3. (From Schedule J (Form N-40), line 31 column (b).) .............................

Total (add lines 3 and 4). ........................................................................................................................................................

Tax-exempt interest included on line 5. (From Schedule J (Form N-40), line 31 column (c)) .................................................

Taxable part of line 5 (Line 5 minus line 6). ............................................................................................................................

Number of trust’s earlier tax years in which amounts on line 7 are considered distributed. ...................................................

Average annual amount considered distributed (divide line 3 by line 8). .......................................

10 Multiply line 9 by .25 (25%). ...........................................................................................................

11 Number of earlier tax years to be taken into account (see Instructions). ................................................................................ 11

12 Average amount for recomputing tax (divide line 7 by line 11). Enter here and in each column on line 15 ............................ 12

13 Enter your taxable income before this

2014

2013

2012

2011

2010

distribution for the 5 immediately preceding

tax years (see Instructions). ...........................

Part II

Computation of Tax Attributable to the Accumulation Distribution

(a) ______

(b) ______

14 Enter the amounts from line 13, eliminating the highest and lowest

taxable income years. ...........................................................................................

15 Enter amount from line 12 in each column. ...........................................................

16 Recomputed taxable income (add lines 14 and 15). .............................................

17 Income tax on amounts on line 16 (see Instructions). ...........................................

18 Income tax before credits on amounts on line 14. .................................................

19 Additional tax before credits (line 17 minus line 18, but not less than zero). .........

20 Tax credit adjustment (see Instructions). ...............................................................

21 Line 19 minus line 20. ............................................................................................

22 Add amounts on line 21, columns (a), (b), and (c) and enter here. ......................................................................................... 22

23 Divide the amount on line 22 by 3. ......................................................................................................................................... 23

24 Multiply the amount on line 23 by the number of years on line 11. ......................................................................................... 24

25 Enter the amount from line 4. ................................................................................................................................................. 25

26 Partial tax (line 24 minus line 25). If less than zero, enter zero. Enter here and as indicated in the Instructions. ................. 26

FORM N-405