N-362E: Pass-Through Entity Tax Election (2024)

Who files this form

Form N-362E is for pass-through entities (PTEs) choosing to pay Hawaii income taxes at the entity level. The election is optional, made yearly, and irrevocable. It binds all partners, shareholders, and members of the electing entity.

To make the election, the form must be signed and dated by either:

• Every member who is a member when the election is filed; or
• An authorized responsible party who is an officer, manager, or member of the entity and attests to that authorization under penalty of perjury.

When it's due

For the 2024 tax year election, file Form N-362E with Form N-20 or N-35 by the deadline printed on the form:

• Calendar-year filers: April 20.
• Fiscal-year filers: The 20th day of the fourth month after the taxable year closes.

These deadlines apply unless a six-month extension has been granted for the taxable year.

What you'll need

Have the following forms and information ready:

• Form N-20 or N-35, to which Form N-362E must be attached.
• The entity's name, FEIN, mailing address, tax year, and total number of owners or partners.
• The federal return type filed: partnership Form 1065 or S corporation Form 1120-S.
• If a responsible party signs: their name, SSN, mailing address, title, email, phone number, signature, and date.
• If all members sign: each member's name, FEIN or SSN, title, signature, and signature date.
• Extra copies of the member-signature page if more space is needed.

To request a waiver from electronic filing, file Form L-110.

How to file

1. Enter the tax year and pass-through entity information, including the federal return type and number of owners or partners.
2. Check the box showing who is signing the election.
3. If an authorized responsible party signs, complete Part II and skip Part III. Otherwise, have every current member sign and date Part III.
4. Attach Form N-362E to Form N-20 or N-35 and file electronically. Electronic filing is required unless a waiver is obtained by filing Form L-110.

The supplied text does not give a mailing address or name an electronic filing portal.

Common mistakes

• Filing the election separately. Form N-362E must be attached to Form N-20 or N-35.
• Not following the electronic filing requirement. File electronically unless you obtain a waiver by filing Form L-110.
• Leaving signatures or dates missing. Either every current member must sign and date the election, or an authorized responsible party must sign and date it.
• Not numbering extra signature pages. If additional space is needed, attach copies of the member-signature page and enter the supplemental page numbers at the bottom left.

Questions people ask

Can the entity revoke this election?

No. The form describes the yearly election as irrevocable and binding on all partners, shareholders, and members of the electing entity.

Does every member have to sign?

Not if an authorized responsible party signs and dates the election. That person must be an officer, manager, or member who attests to having authorization under penalty of perjury. Otherwise, every member at the time of the election must sign and date the form.

What if there is not enough room for all member signatures?

Attach additional copies of the member-signature page and enter the supplemental page numbers at the bottom left.

Where can I get Hawaii tax forms?

Forms, instructions, and schedules are available at taxation district offices and at tax.hawaii.gov. You may also contact a customer service representative at 808-587-4242 or toll-free at 1-800-222-3229.

Official sources

• https://files.hawaii.gov/tax/forms/2024/n362e_i.pdf