Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION
FORM
Tax on Accumulation Distribution of Trusts
2014
N-405
(Rev. 2014)
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
1
Amount of current distribution that is considered distributed in earlier tax years. (From Schedule J (Form N-40),
line 31 column (a).) ..................................................................................................................................................................
1
2
Distributions of income accumulated before you were born or reached age 21. ....................................................................
2
3
Line 1 minus line 2. .................................................................................................................................................................
3
4
Taxes imposed on the trust on amounts from line 3. (From Schedule J (Form N-40), line 31 column (b).) .............................
4
5
Total (add lines 3 and 4). ........................................................................................................................................................
5
6
Tax-exempt interest included on line 5. (From Schedule J (Form N-40), line 31 column (c)) .................................................
6
7
Taxable part of line 5 (Line 5 minus line 6). ............................................................................................................................
7
8
Number of trust’s earlier tax years in which amounts on line 7 are considered distributed. ...................................................
8
9
Average annual amount considered distributed (divide line 3 by line 8). .......................................
9
10 Multiply line 9 by .25 (25%). ...........................................................................................................
10
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
2013
2012
2011
2010
2009
distribution for the 5 immediately preceding
tax years (see Instructions). ...........................
Part II
Computation of Tax Attributable to the Accumulation Distribution
(a) ______
(b) ______
(c) ______
14 Enter the amounts from line 13, eliminating the highest and lowest
taxable income years. ...........................................................................................
14
15 Enter amount from line 12 in each column. ...........................................................
15
16 Recomputed taxable income (add lines 14 and 15). .............................................
16
17 Income tax on amounts on line 16 (see Instructions). ...........................................
17
18 Income tax before credits on amounts on line 14. .................................................
18
19 Additional tax before credits (line 17 minus line 18, but not less than zero). .........
19
20 Tax credit adjustment (see Instructions). ...............................................................
20
21 Line 19 minus line 20. ............................................................................................
21
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