N-40 T: Allocation of Estimated Tax Payments to Beneficiaries (2025)
Hawaii · Hawaii DoTax · Used for tax years 2025
Hawaii Form N-40T lets a fiduciary elect to treat estimated tax payments made by a trust or a decedent’s estate as payments made by beneficiaries. It reports the total allocated and each beneficiary’s identifying information, allocated amount, and proration percentage. Once made,
Who files this form
The fiduciary of a trust, or of a decedent’s estate in its final tax year, files Form N-40T to elect to treat some or all of its estimated tax payments as payments made by beneficiaries.
This is an optional election. Once made, it cannot be revoked.
When it's due
- 2025 calendar tax year: File by March 6, 2026.
- The general deadline is the 65th day after the close of the trust’s or estate’s tax year. If the due date falls on a Saturday, Sunday, or holiday, file on the next business day.
If Form N-40T is not filed on time, beneficiaries cannot use the estimated tax payments.
What you'll need
Have the following information and related forms ready:
- The trust’s or estate’s name, federal employer identification number (FEIN), and tax year.
- The total estimated tax payments being allocated and the amount allocated to each beneficiary.
- Each beneficiary’s name, mailing address, and Social Security number (SSN) for individuals or FEIN for other entities.
- Form N-40, Schedule G, to report the total allocation on line 6(d).
- Schedule K-1 (Form N-40) for each beneficiary, to report that beneficiary’s allocation on line 9a.
- An additional sheet following the format of line 2 if there are more than 15 beneficiaries.
If filing separately from Form N-40, provide the fiduciary’s name, title, and mailing address, and sign and date the form. A telephone number is optional.
How to file
- Use the 2025 form for calendar year 2025 or a fiscal year beginning in 2025 and ending in 2026. For a fiscal or short tax year, complete the tax year space at the top. Check the final-year box if applicable.
- Enter the total allocation on line 1 and on Form N-40, Schedule G, line 6(d).
- On line 2, list individual beneficiaries first, then other beneficiaries. Enter each beneficiary’s identifying number and allocation. Also report each allocation on Schedule K-1 (Form N-40), line 9a.
- For column (e), divide each beneficiary’s allocation in column (d) by line 1 and enter the result as a percentage.
- If there are more than 15 beneficiaries, attach a sheet using the line 2 format and enter its total on line 3. Add line 2, column (d), and line 3 to complete line 4, which must equal line 1.
Attach Form N-40T to Form N-40 only if making the election with that return. Otherwise, file Form N-40T separately. Complete the fiduciary name and address area and sign the form only when filing separately.
Mail Form N-40T to:
Hawaii Department of Taxation
Attn: Account Management Section
P. O. Box 259
Honolulu, HI 96809-0259
Common mistakes
- Filing late: Beneficiaries cannot use the estimated tax payments if Form N-40T is not filed on time.
- Missing or invalid identifying numbers: Failure to provide a valid beneficiary SSN or FEIN may delay processing and could result in penalties for the beneficiary.
- Forgetting related entries: Include line 1 on Form N-40, Schedule G, line 6(d), and each beneficiary’s allocation on Schedule K-1 (Form N-40), line 9a.
- Totals that do not match: Line 4 must equal line 1.
- Abbreviating a foreign country name: The address instructions say not to abbreviate the country name.
Questions people ask
Can the election be revoked?
No. Once made, the election is irrevocable.
Can a decedent’s estate make this election every year?
No. A decedent’s estate may make the election only for its final tax year.
When are the allocated payments treated as paid or credited to beneficiaries?
They are treated as paid or credited on the last day of the trust’s or estate’s tax year.
What if a beneficiary files a joint return?
You may also provide the beneficiary’s spouse’s SSN, if known, to help the Department of Taxation credit the proper account. This entry is optional.
What if there are more than 15 beneficiaries?
List the additional beneficiaries on an attached sheet following the format of line 2. Enter the total from the attached sheet or sheets on line 3.