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Form 706 Lansing Michigan: What You Should Know

A. Yes; call for assistance. Q. What is the difference between the Michigan Estate Tax and the Federal Death Tax? A. If you are over the age of 59 ½, a Michigan death tax must be paid on the value of your estate when your estate exceeds the tax-exempt level, but before your estate is greater than 3,700,000. Federal Death Tax Federal Death Tax. U.S. Treasury, Internal Revenue Service at: IRS.gov/irb/article.asp?id=1402. Q. How does the federal estate tax apply to Michigan estate tax returns? A. The federal death tax applies to taxable estate of a decedent who died after December 31, 2017. A. If the decedent had more than a 5.45 million estate upon death, the decedent does not have to pay the federal death tax. Q. In our State of Michigan, does the federal death tax apply only to the estate of one person? A. No. A Michigan decedent's estate is subject to the federal death tax regardless of whether the decedent had more than one estate. Consequences of Not Filing Form 706 Failure to file form 706 in Michigan leads to: Federal Penalty In addition to a federal estate tax, you will also face a federal penalty for failing to submit Form 706 by the due date. The Internal Revenue Service (IRS) can assess the penalty if: The estate is a gift, and The value of the gift is more than the federal exclusion amount for gifts to individuals or 18,400, for all gifts in 2017. If the estate is a gift made in accordance with the laws of a State, and The value of the gift is more than the federal exclusion amount for gifts to individuals. If a decedent lived in Michigan for six months or more, and The value of the gifts made to other Michigan residents exceeds 18,400. What happens if the state tax return is not filed within the statutory deadline? The estate cannot claim the credit exclusion and is not eligible to participate directly in the federal estate tax credit. The Internal Revenue Service (IRS) will send the estate a statement that the credit could be withheld if there is a deficiency.

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