Form N-40t - Allocation Of Estimated Tax Payments To Beneficiaries - 2012 Page 2
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1
2INSTRUCTIONS
FORM N-40T (REV. 2012)
Page 2
beneficiaries who file a joint return, you can
General Instructions
Specific Instructions
assist the Department of Taxation in crediting
Purpose of Form
Address
the proper account by also providing the SSN,
A trust or, for its final tax year, a decedent’s
Include the suite, room, or other unit number
if known, of the beneficiary’s spouse. However,
estate may elect under IRC section 643(g) to have
after the street address. If the post office does
this is an optional entry.
any part of its estimated tax payments treated
not deliver mail to the street address and the
Column (d) –– Amount of estimated tax
as made by a beneficiary or beneficiaries. The
fiduciary has a P.O. Box, show the box number
payment allocated to beneficiary. For each
fiduciary files Form N-40T to make the election.
instead of the street address. If the fiduciary’s
beneficiary, also enter this amount on Schedule
Once made, the election is irrevocable.
address is outside the United States or its
K-1 (Form N-40), line 9a.
possessions or territories, enter the information
How to File
Column (e) –– Proration percentage. For each
on the line for “City or town, State and Postal/
listed beneficiary, divide the amount shown in
Attach Form N-40T to Form N-40 only if you
ZIP Code” in the following order: city, province or
column (d) by the amount shown on line 1 and
are making the election with Form N-40, Fiduciary
state, postal code, and the name of the country.
enter the result as a percentage.
Income Tax Return. Otherwise, file Form N-40T
Do not abbreviate the country name.
separately.
Line 3
Line 1
When to File
If you are allocating a payment of estimated
Enter the amount of estimated tax payments
taxes to more than 15 beneficiaries, list the
For the election to be valid, a trust or
made by the trust or decedent’s estate that the
additional beneficiaries on an attached sheet that
decedent’s estate must file Form N-40T by the
fiduciary elects to treat as a payment made by the
follows the format of line 2. Enter on line 3 the
65th day after the close of the tax year as shown
beneficiaries. This amount is treated as if paid
total from the attached sheet(s).
at the top of the form. For a 2012 calendar year
or credited to the beneficiaries on the last day of
trust or decedent’s estate, that date is March 6,
Line 4
the tax year of the trust or decedent’s estate. Be
2013. If the due date falls on a Saturday, Sunday,
sure to include it on Form N-40, Schedule G, line
Total the amounts in line 2, column (d), and
or holiday, file on the next business day. If Form
6(b).
line 3. This amount must equal line 1.
N-40T is not timely filed, the estimated tax
Line 2
payments cannot be used by the beneficiaries.
Column (b) –– Beneficiary’s name and
Period Covered
address. Group the beneficiaries to whom you
File the 2012 form for calendar year 2012 and
are allocating estimated tax payments into two
fiscal years beginning in 2012 and ending in
categories. First, list all the individual beneficiaries
2013. If the form is for a fiscal year or a short
(those who have social security numbers (SSNs)).
tax year, fill in the tax year space at the top of
Then, list all the other beneficiaries.
the form.
Column
(c)
––
Beneficiary’s
identifying
Where to File
number. For each beneficiary, enter the SSN
(for individuals) or federal employer identification
Form N-40T must be mailed to:
number (FEIN) (for all other entities). Failure to
Hawaii Department of Taxation
enter a valid SSN or FEIN may cause a delay
Attn: Account Management Section
in processing and could result in penalties
P. O. Box 259
being imposed on the beneficiary. For those
Honolulu, HI 96809-0259.
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