The State of Hawaii Department of Taxation recently released an updated version of Form N-1, Declaration of Estimated Income Tax for Individuals. This form is used by individuals to submit their estimated tax liability for the year in which that income is earned: this updated form will be used for filing year 2018.
There are two minor updates to the form for filing year 2018, which are as follows:
- Under Instructions Section 8 (Penalty), the instructions state that penalties for untimely payments or payments that are less than the estimated tax for the year may be waived in accordance with the penalty waiver rules identified in IRS Publication 505.
- Additional taxable income classifications were added to the 2018 Tax Rate Schedules.
To review this form in its entirety, please click here.