Form N-168 - Income Averaging For Farmers And Fishermen - 2012

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FORM

STATE OF HAWAII—DEPARTMENT OF TAXATION

2012

N-168

Income Averaging for Farmers and Fishermen

(REV. 2012)

Attach to Form N-11 or N-15

Name

Social Security Number

Enter the taxable income from your 2012 Form N-11, line 26 or Form N-15, line 42 ....................................................

Enter your elected farm income. Do not enter more than the amount on line 1. (See Instructions) ..........................

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

Figure the tax on the amount on line 3 using the 2012 tax rates. (See Instructions) ....................................................

If you used Form N-168 to figure your tax for:

•

2011, enter the amount from your 2011 Form N-168, line 11.

•

2010 but not 2011, enter the amount from your 2010 Form N-168, line 15.

•

2009 but not 2010 or 2011, enter the amount from your 2009 Form N-168, line 3.

Otherwise, enter the taxable income from your 2009 Form N-11, line 25;

or Form N-15, line 43. If zero or less, see Instructions ...........................................

Divide the amount on line 2 by 3.0 ........................................................................

Combine lines 5 and 6. If zero or less, enter -0-. ....................................................

Figure the tax on the amount on line 7 using the 2009 tax rates. (See Instructions) ....................................................

If you used Form N-168 to figure your tax for:

•

2011, enter the amount from your 2011 Form N-168, line 15.

•

2010 but not 2011, enter the amount from your 2010 Form N-168, line 3.

Otherwise, enter the taxable income from your 2010 Form N-11, line 25 or

Form N-15, line 42. If zero or less, see Instructions ...............................................

10. Enter the amount from line 6 ..................................................................................

11. Combine lines 9 and 10. If less than zero, enter as a negative amount. ................

12. Figure the tax on the amount on line 11 using the 2010 tax rates. (See Instructions) ..................................................

13. If you used Form N-168 to figure your tax for 2011, enter the amount

from your 2011 Form N-168, line 3. Otherwise, enter the taxable income

from your 2011 Form N-11, line 26 or Form N-15, line 42. If zero or less,

see Instructions .......................................................................................................

14. Enter the amount from line 6 ..................................................................................

15. Combine lines 13 and 14. If less than zero, enter as a negative amount...............

16. Figure the tax on the amount on line 15 using the 2011 tax rates. (See Instructions) ..................................................

17. Add lines 4, 8, 12, and 16 ...............................................................................................................................................

18. If you used Form N-168 to figure your tax for:

•

2011, enter the amount from your 2011 Form N-168, line 12.

•

2010 but not 2011, enter the amount from your 2010 Form N-168, line 16.

•

2009 but not 2010 or 2011, enter the amount from your 2009 Form N-168, line 4.

Otherwise, enter the tax from your 2009 Form N-11, line 26; or Form N-15,

line 44. (See Instructions) .......................................................................................

19. If you used Form N-168 to figure your tax for:

•

2011, enter the amount from your 2011 Form N-168, line 16.

•

2010 but not 2011, enter the amount from your 2010 Form N-168, line 4.

Otherwise, enter the tax from your 2010 Form N-11, line 26 or Form N-15,

line 43. (See Instructions) .......................................................................................

20. If you used Form N-168 to figure your tax for 2011, enter the amount

from your 2011 Form N-168, line 4. Otherwise, enter the tax from your

2011 Form N-11, line 27 or Form N-15, line 43. (See Instructions) .......................

21. Add lines 18 through 20 ..................................................................................................................................................

22. Tax. Line 17 minus line 21. Also include this amount in the total tax on Form N-11, line 27 or Form N-15, line 43. ...

Caution. Your tax may be less if you figure it using the 2012 Tax Table, Tax Rate Schedules, or Capital Gains Tax

Worksheet. Attach Form N-168 only if you are using it to figure your tax.

FORM N-168