Clear Form

               STATE OF HAWAII — DEPARTMENT OF TAXATION 
SCHEDULE J 
   FORM N-40   TRUST ALLOCATION OF AN  
   (REV. 2023)                                                                                                          2023
               ACCUMULATION DISTRIBUTION 
                                                                 File with Form N-40                                                                            N40SCHJ_I 2023A 01 VID01
               See federal Instructions for Form 1041, Schedule J and Form N-40 Instructions
               For domestic complex trusts with tax year beginning ________________________ and  
               ending ________________________ and which distributed income accumulated in earlier years
Name of trust                                                                                                                       Federal Employer I.D. No. 

   Part I     Accumulation Distribution in 2023
1. Other amounts paid, credited, or otherwise required to be distributed for  
   2023 (from Schedule B (Form N-40), line 12) ..............................................................................................................  1

2. Distributable net income for 2023 (from Schedule B (Form N-40), line 9) ....................                        2
3. Income required to be distributed currently for 2023 (from  
   Schedule B (Form N-40), line 11) .................................................................................. 3

4. Line 2 minus line 3. If line 3 is more than line 2, enter zero .........................................................................................    4

5. Accumulation distribution for 2023 (Line 1 minus line 4) ..............................................................................................     5
Part II       Ordinary Income Accumulation Distribution (Enter the applicable throwback years below.)
If the distribution is thrown back to more than five             Throwback           Throwback                          Throwback   Throwback                   Throwback 
years (starting with the earliest applicable tax year            year ending         year ending                        year ending year ending                 year ending
beginning after 1968), attach additional schedules.
6. Enter Distributable Net Income as 
   determined under the governing 
     instrument (Accounting Income) ...........                6
7. Distributions — Enter line 13, 
   Schedule B, Form N-40, and 
   comparable lines for each throwback  
   year  ..................................................... 7

8. Line 6 minus line 7 ...............................         8

9. Enter amount from line 25, Part III .......                 9
10.  Undistributed net income — Line 8 
   minus line 9 ..........................................     10
11.  Enter amount of prior accumulation 
   distributions thrown back to any of 
   these years ...........................................     11

12.  Line 10 minus line 11 ............................        12
13.  Allocate amount on line 5 to earliest 
   applicable year first, but not more than 
   line 12 for the same year ......................            13
14.  Divide line 13 by line 10 and multiply 
   result by amount on line 9 ....................    14

15.  Add lines 13 and 14 ..............................        15
16.  Tax-exempt interest included on line 
   13 — Divide line 15 by line 6 and 
   multiply result by line 2(c), Schedule 
   B (Form N-40), or equivalent for 
   applicable throwback year ....................              16

17.  Line 15 minus line 16 ...........................         17
                                                                                                                                    SCHEDULE J (FORM N-40)
                                                                 ID NO 01

SCHEDULE J FORM N-40 (REV. 2023)                                                                                                                  PAGE 2

 Part III   Taxes Imposed on Undistributed Net Income (Enter the applicable throwback years below.)  
            If the trust received an accumulation distribution from another trust, see federal Regulations section 1.665(d)-1A.
If more than five throwback years are involved,                    Throwback       Throwback                 Throwback     Throwback         Throwback 
attach additional schedules.                                       year ending     year ending               year ending   year ending       year ending

18.  Tax — Enter the amount from line 
     1, Schedule G of Form N-40), and 
     comparable lines for each throwback 
     year  ..................................................... 18
19.  Net short term gain — Enter the 
     smaller of the amount from line 15, 
     col. (b), or line 17, col. (b), Schedule D 
     (Form N-40) and comparable lines for 
     each throwback year ............................            19
20.  Net long term gain — Enter the smaller 
     of line 16 or 17, column (b), Schedule 
     D (Form N-40), and comparable lines 
     for each throwback year .......................             20
21.  Total net capital gain — Add lines 19 
     and 20, if net loss, enter zero. ..............             21
22.  Taxable income — Enter the amount 
     from line 22, page 1, of Form N-40, 
     and comparable lines for each 
     throwback year .....................................        22
23.  Enter percent — Divide line 21 by line 
     22, but not more than 100% .................                23
24.  Multiply amount on line 18 by 
     percentage on line 23 ...........................           24
25.  Tax on undistributed net income — 
     Line 18 minus line 24. Enter here and 
     on page 1, line 9 ...................................       25
            Allocation to Beneficiary — Be sure to complete Form N-405, Tax on Accumulation Distributions of Trusts. 
 Part IV    Complete Part IV for each beneficiary. If the accumulation distribution is allocated to more than one beneficiary, attach an additional Schedule 
            J with Part IV completed for each additional beneficiary. If more than five throwback years are involved, attach additional schedules.
Beneficiary’s name                                                                                                         Identifying number

Beneficiary’s Mailing Address (number and street; apartment number or rural route)                           (a)           (b)               (c) 
                                                                                                             This          This              This 
City, town, or post office, State, and Postal/ZIP Code                                                       beneficiary’s beneficiary’s     beneficiary’s 
                                                                                                             share of      share of          share of 
                                                                                                             line 13       line 14           line 16

 26.  Throwback year ending  ____________  .............................................................   26

 27.  Throwback year ending  ____________  .............................................................   27

 28.  Throwback year ending  ____________  .............................................................   28

 29.  Throwback year ending  ____________  .............................................................   29

 30.  Throwback year ending  ____________  .............................................................   30

 31.  Total. (add amounts on lines 26 through 30)  
     Enter here and on the appropriate lines of Form N-405 .......................................   31
                                                                                                                           SCHEDULE J FORM N-40