Instructions for Form 706 (Rev. September 2023)
This document provides detailed instructions for completing Form 706, the United States Estate (and Generation-Skipping Transfer) Tax Return for decedents dying after December 31, 2022. It includes information on revisions, general instructions, and specific filing requirements. The instructions also cover important updates and reminders related to the form.
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How do I fill this out?
To fill out Form 706, you will need to gather all necessary information about the decedent's estate, including gross estate values and any applicable deductions. Carefully follow the instructions provided for each section of the form, ensuring that all required fields are completed accurately. Review the form thoroughly before submitting it to the IRS.
How to fill out the Instructions for Form 706 (Rev. September 2023)?
1
Gather all necessary information about the decedent's estate.
2
Follow the instructions for each section of Form 706.
3
Complete all required fields accurately.
4
Review the form thoroughly.
5
Submit the completed form to the IRS.
Who needs the Instructions for Form 706 (Rev. September 2023)?
1
Executors of a decedent's estate with a gross estate exceeding $12,920,000.
2
Executors who elect to transfer the deceased spousal unused exclusion amount to the surviving spouse.
3
U.S. citizens or residents at the time of death who need to file estate tax returns.
4
Nonresident noncitizens who need to file Form 706-NA.
5
Residents of U.S. possessions with special estate tax considerations.
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Use the editing tools to input data and make changes.
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Correct any mistakes and update information as needed.
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Finalize and save the completed form for submission.
What are the instructions for submitting this form?
To submit Form 706, send it to the following address: Department of the Treasury, Internal Revenue Service, Kansas City, MO 64999. If using a private delivery service, file at: Internal Revenue Submission Processing Center, 333 W. Pershing Road, Kansas City, MO 64108. For amended returns, use: Internal Revenue Service Center, Attn: E&G, Stop 824G, 7940 Kentucky Drive, Florence, KY 41042-2915. Use a reliable method to ensure timely delivery. For online payment, use the Electronic Federal Tax Payment System (EFTPS) at EFTPS.gov.
What are the important dates for this form in 2024 and 2025?
Key dates for submitting Form 706 in 2024 and 2025: File within 9 months after the decedent's death. Use Form 4768 for an automatic 6-month extension. Executors electing portability must file within 9 months or the 6-month extension.
What is the purpose of this form?
The purpose of Form 706 is to determine and report the estate tax due for U.S. citizens or residents who have passed away. The tax is calculated on the decedent's entire taxable estate rather than individual beneficiaries' shares. Form 706 also addresses the generation-skipping transfer (GST) tax for direct skips involving property interests included in the decedent's gross estate.
Tell me about this form and its components and fields line-by-line.
- 1. Decedent Information: Includes details of the deceased, such as name, SSN, date of death, and domicile.
- 2. Gross Estate: Captures all property interests held by the decedent, including assets, annuities, and digital assets.
- 3. Deductions: Sections to account for deductions like mortgages, debts, and expenses related to estate administration.
- 4. Tax Computation: Calculates the total estate tax due, accounting for credits, special-use valuations, and installment payments.
- 5. Signatures: Executors and preparers must sign the form to validate the information provided.
- 6. Schedules A through I: Detailed schedules for specific types of property, deductions, and other relevant estate details.
What happens if I fail to submit this form?
Failure to submit Form 706 may result in penalties, interest charges, and delays in settling the estate.
- Penalties: The IRS may impose penalties for late or missing submissions, increasing the estate's tax liability.
- Interest Charges: Interest may accrue on unpaid taxes, further raising the amount owed by the estate.
- Delayed Settlement: Delays in submission can prolong the estate's settlement process, affecting beneficiaries and executors.
How do I know when to use this form?
- 1. Threshold Requirement: File Form 706 if the gross estate, plus adjusted taxable gifts and specific exemptions, exceeds $12,920,000.
- 2. Portability Election: File to transfer the unused exclusion amount to the decedent's surviving spouse.
- 3. U.S. Citizens or Residents: Used for deceased individuals who were U.S. citizens or residents at the time of death.
- 4. Nonresident Noncitizens: Nonresident noncitizens must file Form 706-NA, not Form 706.
- 5. Residents of U.S. Possessions: Special filing considerations apply for decedents who were U.S. citizens and residents of U.S. possessions.
Frequently Asked Question
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Start by gathering all necessary information about the decedent's estate, then use PrintFriendly's PDF editor to input the data.
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How do I submit Form 706 after completing it?
Follow the submission instructions provided in the form's instructions to mail or electronically file Form 706 with the IRS.
Can I request assistance while filling out Form 706?
PrintFriendly provides tools and resources to help you complete the form, but for specific tax advice, consult a tax professional.
