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Form 706 Indianapolis Indiana: What You Should Know

If you are filing a Federal Estate tax return, you must file the Federal Estate tax return. If you are filing a State and Local Estate tax return, you must file the State and Local Estate tax return. Indiana is a Free State, and there is no state income tax. However, a special self-employment tax of 5.50 on the amount of wages, profits, and other compensation (other than wages) which you report as income on your Federal and State income tax returns applies to individuals, for the taxable year beginning on or after January 1, 2018, and ending on December 31, 2017. Interest paid on the excess self-employment tax liability is charged on the last day of each month the excess liability is not being credited to the Indiana state credit. Any Federal or State tax required to be withheld from any wages reported as income is due and payable to the Department of Revenue. See IRS Publication 535, Withholding of Federal Income Tax and Tax Withholding Rules for Individuals. In addition, your Indiana estate tax estate must be distributed to the Indiana state credit before receiving any federal income tax on any net federal adjusted estate tax (if Federal Estate tax was computed at the same rate as the Indiana estate tax). Note:  Federal law does not require an Indiana estate tax return unless: The decedent was a resident of Indiana at the time of death The decedent was required by Federal law to file an Indiana tax return The decedent was a nonresident estate tax return filer The decedent was a resident Indiana resident and did not file a Federal return Indianapolis Law (C.R. 33-10.08) The following form is an example of how the Indianapolis law forms may be used to complete your Indiana estate tax return. However, other forms or instructions may be used to complete your state and/or federal estate taxes. We encourage you to examine the applicable Indiana state rules to determine if any Indiana forms or procedures will meet your needs. If you elect to file Form 706-A with your Indiana annual income tax return, then you must indicate on Form 706-A that the estate is subject to Indiana income tax. You must then complete the information at items 2-15 of Form 706-A.

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