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Form 706 for Santa Clara California: What You Should Know

The deadline for a decedent's family to file an Estate Tax Return, or the Estate Tax Return of an Exempt Organization, cannot be extended. The federal estate tax rates are: 10%, 15%, 25% and 33%. There is a minimum tax of 5,900, but there is an 11,950 exemption. The estate must be distributed to the heirs on the same day it was transferred to the federal government. The federal government will collect tax from an estate that has either paid the estate's federal estate tax liability, or paid an amount equal to its federal estate tax liability for all years of the estate tax. If you are an executor working on a tax-exempt organization's estate or a member of a partnership or company that would like to file a federal estate tax return you may be able to apply to the Office of the Assessor's Office for a decedent's death certificate. You need to file an application to request an exemption based on the estate. Once the death certificate is received the Office will issue a form to serve on you with an explanation of why it is needed. Form 706-EZ is required as a prerequisite for the federal estate tax return at this time. The state has not yet established a system for filing an estate tax return. If an estate is not being administered by a fiduciary or other non-profit corporation, the estate must go through the administration process to be recognized by the federal estate tax return. All the same rules apply. How to File an Estate Tax Return The estate must file Form 706, and it must be filed with the state. This includes an executor and any family members, executors and heirs and survivors. An executor should have had their estate plan executed by the executor's attorney prior to signing the Form 706, and must provide detailed instructions to the estate's beneficiaries on what to do and how to submit the return if they have other executors or any other family members. Note: An executor cannot simply file a “do nothing” letter on the estate tax return. The Form 706 must be filed with both the original and certified copy to the Internal Revenue Service. To determine if an estate tax return will be required 1. Check with the California Department of Tax and Fee Administration (DTA) 2. Check with local tax administrators in California 3. Check with other states that administer their own executor's tax return 4.

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