N-70NP: Exempt Organization Business Income Tax Form (2024)
Hawaii · Hawaii DoTax · Used for tax years 2024
Form N-70NP is Hawaii's Exempt Organization Business Income Tax Return for 2024. It reports unrelated trade or business income, deductions, tax credits, and payments, and calculates the tax due or overpayment.
What you'll need
- Federal Form 990-T: Attach a copy. Form N-70NP asks you to enter the appropriate income and deduction amounts from that federal form.
- Organization details: Have the organization's federal employer identification number, Hawaii Tax I.D. number, unrelated business activity codes, and mailing address available.
- Deduction and income adjustment schedules: Attach schedules for other deductions and Hawaii additions to income reported in the tax computation schedule.
- Capital gain schedules, if applicable: The corporation calculation uses Schedule D (Form N-30/N-70NP). The trust calculation uses Schedule D (Form N-40).
- Tax credit forms, if applicable: Schedule CR supplies the refundable and nonrefundable credit totals. For credit recaptures, the form calls for the applicable Forms N-312, N-586, N-338, N-344, N-348, or N-325 to be attached.
- Amended returns: Attach Schedule AMD.
Common mistakes
- Adding lines 1 through 5 to get line 6: The form specifically warns that the sum of lines 1 through 5 does not equal line 6.
- Leaving out federal Form 990-T: The form reminds you to attach a copy.
- Leaving out Schedule AMD on an amended return: The amended-return checkbox directs you to attach this schedule.
- Treating preparer discussion permission as a power of attorney: The form states that this designation does not replace Form N-848, Power of Attorney.
Questions people ask
Which tax computation schedule does the form provide for my organization?
Page 2 has Part I for organizations taxable as corporations and Part II for trusts taxable at trust rates. The organization-type field asks you to check either Corporation or Charitable Trust.
What can I do with an overpayment on my 2024 return?
Line 26(a) lets you apply an amount from your overpayment to 2025 estimated tax. Line 26(b) lets you request the remainder as a refund.
Who signs the return?
The form has spaces for an officer's signature, date, name, and title. It also has a paid preparer's information and signature section.
Can I allow the Hawaii Department of Taxation to discuss the return with my preparer?
Yes. The form has Yes and No checkboxes for this permission. It states that the designation does not replace Form N-848, Power of Attorney.