N-338: Recapture of the Tax Credit for Flood Victims (Revision 2018)
Hawaii · Hawaii DoTax · Used for tax years 2024, 2025, 2026
Hawaii Form N-338 is a schedule used to calculate the recapture of the tax credit for flood victims when expenses used to calculate the credit are later reimbursed. It reports the recovered expenses and the credit recapture amount to add to your tax liability for the year in whic
Who files this form
Use Form N-338 if you claimed the tax credit for flood victims and later received insurance reimbursements or other disaster relief payments for expenses used to calculate that credit, making the credit no longer eligible.
You must recapture 100% of the credit that became ineligible because of the later recovery.
What you'll need
To complete Form N-338, have the following information available:
- Your name and Social Security number (SSN) or federal employer identification number (FEIN).
- Your tax year, or your fiscal year's beginning and ending dates.
- The amount of expenses used to calculate the credit that were later reimbursed or otherwise recovered.
The schedule must be attached to Form N-11, N-15, N-20, N-30, N-35, N-40, or N-70NP.
How to file
- Enter your tax year, name, and SSN or FEIN.
- On line 1, enter the expenses used to calculate the credit that were later recovered through insurance or other disaster relief payments.
- Multiply line 1 by the 10% rate printed on line 2. Enter the result on line 3. Individual taxpayers must round the result to the nearest dollar.
- Add the line 3 amount to your tax liability for the tax year in which the recapture occurred.
- Attach Form N-338 to Form N-11, N-15, N-20, N-30, N-35, N-40, or N-70NP.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Forgetting to attach Form N-338 to one of the returns listed on the form.
- Forgetting to add the recaptured credit to your tax liability for the year in which the recapture occurred.
- Not rounding line 3 to the nearest dollar if you are an individual taxpayer.
Questions people ask
What does recapture mean on this form?
It means adding back to your tax liability the credit that became ineligible because you later recovered expenses used to calculate it.
Which payments can trigger recapture?
The form lists insurance reimbursements and other disaster relief payments from government agencies or nonprofit organizations for expenses used to calculate the credit.
How much do I recapture?
Multiply the recovered expenses on line 1 by 10%. The instructions describe the recapture as 100% of the credit that became ineligible because of the later recovery.
Which tax year gets the added tax liability?
Add the recaptured credit to your tax liability for the tax year in which the recapture occurred.